Skip to comments.Existing home sales unexpectedly dip in April
Posted on 05/19/2011 9:27:20 AM PDT by Oldeconomybuyer
Sales of previously owned U.S. homes fell in April, a trade group said on Thursday, in a sign that the country's housing market is struggling to recover from the recent financial crisis.
Economists polled by Reuters ahead of the report were expecting home resales to rise to 5.2 million from the previously reported 5.1 million.
"The recovery is very sluggish," said the group's senior economist, Lawrence Yun, adding that unnecessarily tight credit is continuing to restrain the market.
About 37 percent of the market consisted of distressed sales, which include both foreclosures and sales of homes where the bank agrees to take less than what is owed.
(Excerpt) Read more at reuters.com ...
Does any “expert” get anything the expect anymore.
You keep using that word. I do not think it means what you think it means.
I’m starting to react to ‘unexpectedly’ the same way Samuel Jackson reacted to ‘What?’ in Pulp Fiction.
One blond says to another, “how did you die”? “I froze to death,” says the second. “That’s awful” says the first blonde. “How does it feel to freeze to death? “ “It’s very uncomfortable at first,” says the second blonde.
“You get the shakes, and you get pains in all your fingers and toes. But eventually, it’s a very calm way to go. You get numb and you kind of drift off, as if you’re sleeping. “ “How about you, how did you die? “ asked the second blonde.
“I had a heart attack,” says the first blonde. “You see I knew my husband was cheating on me, so one day I showed up at home unexpectedly. I ran up to the bedroom, and found him alone watching TV.
I ran to the basement, but no one was hiding there either. I ran to the second floor, but no one was hiding there either.
I ran as fast as I could to the attic, and just as I got there, I had a massive heart attack and died. The second blonde shakes her head. “What a pity . . . if you had only looked in the freezer, we’d both still be alive. “
I think that all of these surprises tells me more about the prognosticators than their predictions. Being more accurate than a weather forecast is not exactly high praise.
Of course it’s “unexpected”.
Anyone who supports the Obamaloon West Wing clown show of felon-cretins is not exactly at the top of the IQ chain.
How do these people still use the word "recovery" with a straight face? It's like saying, "Helen Thomas is growing prettier slower than expected".
About 37 percent of the market consisted of distressed sales, which include both foreclosures and sales
I expect home sales and home prices will continue to drop this year because of high unemployment and large inventory of distressed properties. But what do I know? I am not an expert.
I expected a dip, and there will be more dips until we get the dipsticks out of Washington.
The concept of an oversupply is beyond Keynesians.
And a majority of Freepers.
Some here still insist that those who accurately forecast the collapse of the housing bubble and its long term effects are practicing “voodoo.”
Lawrence Yun makes a pretty good living and all he has to do is keep a straight face and repeat that things are getting better and beg for more juice.
There are lot of people from the new home industry who are out of work. This includes, sales people, construction managers, office workers AND especially management. These are people who’ve been in this industry their entire lives. And those over 50 can forget about changing career fields. It’s a lot worse than people think. If Bush was still president the media would be telling us just how bad it really is.
And I’m talking about Houston, by the way. Where it’s supposed to be rosy.
Lawrence Yun Watch - Follow the NAR's hack as he denies the housing bubble and crash
Repeat this story once a month for the next ten years.
These economic “experts” were never taught that the very act of either buying or selling is a social act based on an extremely large universe of decisions. A significant part of that universe is socially driven. Have you ever heard of; “Keeping up with the Jones’, or “New and Improved” or watcher 1/3 of the nightly TV fare called advertisements?
What universe does this guy inhabit. Interest rates for qualified buyers have never been lower. Wait till the Fed stops printing money and then you'll see some tight credit.
My house has ‘DIPPED” so much,all I will be able to afford is one of those $100.homes in Detroit.
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