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Detailed text transcripts for TV channel - FOXNEWS - 20110720:16:34:00

homes. this is big problem for people who have homes trying to sell them. what it will mean, if people aren t buying homes what does that mean? the housing values continue to fall. that is a big problem. and by the way we saw major economists, housing economist yesterday say that he predicts another 10 to 20% decline in housing values, which means more foreclosures. if people lose equity in their house. jenna: we re hearing one of the reasons why some of these sales aren t happening it is not necessarily no one is shopping but we re seeing deals fall through. contracts get canceled. yep. jenna: why are we seeing that? i think it s the kind of panic that s happened in the economy over the last month or so, jenna. looked like the first four months of this year the economy was really picking up steam. and then we of course hit that speed bump and let s hope it is just a speed bump. i think people are frightened to take on this new debt. by the way, jenna, if i may, this story ties int

Detailed text transcripts for TV channel - FOXNEWS - 20110720:16:33:00

canceled for a variety of different reasons. we ll get into more on that in a second. it certainly more tough news for an already-depressed market. of course we also have the debt ceiling debate looming. you have the debt crisis happening. so both on the homefront and nationally we have all these issues. steve moore is senior economics writer at the wall street journal. steve, one of the write-ups on existing home sales says this. this year is on pays to be the worst for sales since the housing bust. how is that possible? oh, you know, every time i think that the housing market is going to get better, jenna, we ve been talking about this story for months, every time we get some good news in housing we get a big setback like this. this is big setback that people aren t buying new homes. this is big problem for people who have homes trying to sell them. what it will mean, if people aren t buying homes what does that mean? the housing values continue to fall. that is a big problem. an

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