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New-home sales plunge 33% to record low in May
Market Watch ^ | 6-23-10 | Rex Nutting

Posted on 06/23/2010 8:38:53 AM PDT by RKBA Democrat

Sales of new single-family homes plunged 33% in May to a record-low level after a federal subsidy for home buyers expired, according to data released Wednesday by the Commerce Department.

Sales dropped to a seasonally adjusted annual rate of 300,000, the lowest since records began in 1963. April's sales pace was revised down to 446,000 compared with the 504,000 originally reported. March's sales were also revised lower.

The results were much worse than expected, and economists had expected a 20% decline to a seasonally adjusted annual rate of 405,000. See complete economic calendar and consensus forecast.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Breaking News; Business/Economy
KEYWORDS: surprise; unanticipated; unexpected
Note the revisions downward on previously reported data for April.
1 posted on 06/23/2010 8:38:55 AM PDT by RKBA Democrat
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To: RKBA Democrat

i CAN’T REMEMBER WHERE i READ THIS BUT THEY’RE PLAYING WITH THE NUMBERS.


2 posted on 06/23/2010 8:40:44 AM PDT by Ancient Drive (DRINK COFFEE! - Do Stupid Things Faster with More Energy!)
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To: RKBA Democrat

Unexpected bump!


3 posted on 06/23/2010 8:40:59 AM PDT by Lorianne
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To: Ancient Drive

Soooo...you think the numbers are even worse?


4 posted on 06/23/2010 8:41:21 AM PDT by goodnesswins (DEMOCRATS LOSE.....America WINS!)
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To: RKBA Democrat

Surprising. Unexpected.


5 posted on 06/23/2010 8:42:43 AM PDT by ScottinVA (The West needs to act NOW to aggressively treat its metastasizing islaminoma!)
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To: goodnesswins

yeah. this is BS. The media and CO are doing everything in their power to minimize the impact on O’s Presidency.


6 posted on 06/23/2010 8:43:07 AM PDT by Ancient Drive (DRINK COFFEE! - Do Stupid Things Faster with More Energy!)
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To: RKBA Democrat

New-home sales plunge 33% to record low in May


7 posted on 06/23/2010 8:44:54 AM PDT by COBOL2Java (Obama is the least qualified guy in whatever room he walks into.)
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To: RKBA Democrat
The tax credit likely pulled many sales forward into the first four months of the year. Sales increased a cumulative 29% between February and April. But once the credit expired, sales collapsed in May.

OK, I have a simple question for all the progressives. If Obama's tax increases will not cause the economy to crash next year, then why give tax credits in order to spur housing sales? It seems like the regime's party line is inconsistent here.

8 posted on 06/23/2010 8:46:58 AM PDT by YankeeReb
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To: goodnesswins

“seasonally adjusted annual rate”....i.e: Playing with the numbers.


9 posted on 06/23/2010 8:52:53 AM PDT by Psycho_Bunny (Hail To The Fail-In-Chief)
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To: RKBA Democrat
"worse than expected"

DRINK!!!!!!!!!!!!!!!!!!!!!!!!!!!

10 posted on 06/23/2010 8:55:14 AM PDT by Psycho_Bunny (Hail To The Fail-In-Chief)
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To: ScottinVA

“Surprising. Unexpected.”

Drink!!!

The liver is a muscle and with all this drinking it’s getting an “unexpected” workout. Go ahead, tap on it. See? Hard as a rock!


11 posted on 06/23/2010 8:56:31 AM PDT by henkster (A broken government does not merit full faith and credit.)
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To: COBOL2Java
Muttley Laugh
12 posted on 06/23/2010 9:01:42 AM PDT by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: RKBA Democrat
No Job = No Money = No House

Too bad Harvard graduates can't understand this.

13 posted on 06/23/2010 9:07:20 AM PDT by Gabrial (The Whitehouse Nightmare will continue as long as the Nightmare is in the Whitehouse)
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To: RKBA Democrat
house of cards falling down Pictures, Images and Photos
14 posted on 06/23/2010 9:12:43 AM PDT by massmike (...So this is what happens when OJ's jury elects the president....)
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To: Gabrial
Just another industry for the Obamanazi’s to take over & create the zero energy house modules for us like they have in Germany!
15 posted on 06/23/2010 9:13:55 AM PDT by norraad ("What light!">Blues Brothers)
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To: Lorianne

16 posted on 06/23/2010 9:18:20 AM PDT by RetroSexual
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To: RKBA Democrat
New Home Sales Suffer Enormous Collapse
17 posted on 06/23/2010 9:27:33 AM PDT by blam
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To: Gabrial

i got another one for you.
good job + no house = big taxes and NO money. :-)


18 posted on 06/23/2010 9:28:34 AM PDT by applpie (u)
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To: ScottinVA

Yes - about as SURPRISING as the coming economic collapse planned and executed by the Communist Obama Regime to end capitalism in the world.

No doubt the inevitable civil war to overthrow Obama will come as a COMPLETE SURPRISE to the Lamestream Media, as will their destruction at the hands of angry revolutionists fed up with lying Leftard propaganda.


19 posted on 06/23/2010 10:02:10 AM PDT by Ronbo1948
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To: Ancient Drive

Odumbo always messes with numbers, ask him about his six social security cards.


20 posted on 06/23/2010 10:04:51 AM PDT by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated)
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To: RKBA Democrat

how UNEXPECTED that socialism failed again!

*everyone drink*


21 posted on 06/23/2010 10:08:03 AM PDT by TexasFreeper2009 (Obama = Epic Fail)
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To: RKBA Democrat

This doesn’t surprise me a bit. Selling a house around here (N. Florida) is a joke. There are several homes for sale in our neighborhood - they’ve been on the market for over a year. The few that have sold recently have gone far less than what was listed. The one up the street recently went for $60K less than what it sold for 2 years ago.

We have also noticed people just giving up and putting ‘for rent’ signs in their yards. I don’t like this. I don’t want our neighborhood turning into one filled with transients, poorly maintained rental properties and everything else that comes along with that.


22 posted on 06/23/2010 10:08:31 AM PDT by AUJenn
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To: AUJenn

Your government created the bubble. It sucks when they manipulate the markets and people come out on the losing end of the deal.


23 posted on 06/23/2010 10:12:02 AM PDT by listenhillary (You might be a modern LIBERAL if you read 1984 & said "YEAH! That's the world that I want!")
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To: RKBA Democrat

I am so confused? The great recession is over. The summer of recovery is in full swing. Who can I trust if Bernacke and Obama are lying?


24 posted on 06/23/2010 12:09:43 PM PDT by egannacht (Inalienable rights granted by...)
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To: RKBA Democrat
My state hasn't been nearly as impacted as many but its not good. Not good at all:
Connecticut lost 1,300 construction jobs last month, and shed 3,800 between May 2009 and May of this year . . .

In Connecticut, there were 50,900 construction jobs last month, down 1,300 or 2.5 percent from April’s total of 52,200. May’s figure marked a decline of 3,800 jobs, or nearly 7 percent, from May 2009’s total work force of 54,700.

Full text at the New Haven Register


25 posted on 06/23/2010 12:15:19 PM PDT by Brugmansian
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To: RKBA Democrat

“Unexpectedly” no doubt.


26 posted on 06/23/2010 12:50:27 PM PDT by Freedom_Is_Not_Free (California Bankruptcy in 4... 3... 2...)
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To: Ancient Drive
Certainly they play with the numbers. But the track of corruption is opaque, so we don't know just yet who is benefitting. Those who have the access to "follow the money" will be able to tell us, if they choose to. It's not all political. But in this case, the numbers must be so horrible that even their best fakery can't hide the bloodletting going on in housing.
27 posted on 06/23/2010 2:10:10 PM PDT by hinckley buzzard
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To: RKBA Democrat

Democrat bubble machine appears to be not working.


28 posted on 06/23/2010 4:16:51 PM PDT by Lorianne
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To: RKBA Democrat

The only people who didn’t expect this were the Obots .. maybe Obama himself .

This is a sad state of affairs, but not unexpected. The economy is in the trash .. and Obama put it there.


29 posted on 06/23/2010 5:02:54 PM PDT by Munz (All tyranny needs to gain a foothold is for people of good conscience to remain silent.)
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