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Existing home sales unexpectedly dip in April
Reuters ^ | May 19, 2011 | by Rachelle Younglai

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 ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: failure; housingbubble; obamanomics; socialism; unexpected

1 posted on 05/19/2011 9:27:26 AM PDT by Oldeconomybuyer
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To: Oldeconomybuyer

Does any “expert” get anything the expect anymore.


2 posted on 05/19/2011 9:28:51 AM PDT by edcoil (Democrats doing to America what Reagan did to russia. Driving it to bankrupcy.)
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To: Oldeconomybuyer
I think I see the problem here. All these economists that they talk to seem to believe that the economy is improving. If everything that happens is unexpected, what does that say for what is really going on in the economy?
3 posted on 05/19/2011 9:30:14 AM PDT by fhayek
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To: Oldeconomybuyer
Always use the Green Shoots™ brand for all of your economic recovery needs.
4 posted on 05/19/2011 9:31:12 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: Oldeconomybuyer

5 posted on 05/19/2011 9:31:54 AM PDT by EternalVigilance (GOP mantra: 'Repeal and replace.' Translation? 'We can do socialism better than the Democrats.')
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To: Oldeconomybuyer

DRINK !

6 posted on 05/19/2011 9:33:29 AM PDT by OB1kNOb (The stench of dependency is a sickening smell. Strive to become an asset, not a liability.)
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To: Oldeconomybuyer

7 posted on 05/19/2011 9:34:03 AM PDT by EternalVigilance (GOP mantra: 'Repeal and replace.' Translation? 'We can do socialism better than the Democrats.')
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To: Oldeconomybuyer

You keep using that word. I do not think it means what you think it means.


8 posted on 05/19/2011 9:34:29 AM PDT by Jeff Chandler (Just once I'd like someone to call me 'Sir' without adding 'You're making a scene.' - Homer Simpson)
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To: Oldeconomybuyer
The way the lamestream media repeatedly talk about bad news in the "Obama Recovery" increasingly reminds me of those kids living in the oasis in Mad Max Beyond Thunderdome, waiting for a decade or more for Captain Walker to return and take them to the bright, gleaming metropolis where all is wonderful.

One day, he'll be back...really, he will...he done told us in the tell...


9 posted on 05/19/2011 9:36:29 AM PDT by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: Oldeconomybuyer
When every single bit of economic news is "unexpected", it's time to hire new expecters.


10 posted on 05/19/2011 9:37:46 AM PDT by dead (I've got my eye out for Mullah Omar.)
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To: Oldeconomybuyer
More green shoots punji sticks.


11 posted on 05/19/2011 9:39:37 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: Oldeconomybuyer

I’m starting to react to ‘unexpectedly’ the same way Samuel Jackson reacted to ‘What?’ in Pulp Fiction.


12 posted on 05/19/2011 9:40:15 AM PDT by AU72
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To: Oldeconomybuyer

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. “


13 posted on 05/19/2011 9:41:52 AM PDT by PSYCHO-FREEP (Always Remember You're Unique.......(Just Like everyone Else.))
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To: fhayek

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.


14 posted on 05/19/2011 9:44:32 AM PDT by Pecos (Constitutionalist. Liberty and Honor will not die on my watch.)
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To: Oldeconomybuyer

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.


15 posted on 05/19/2011 9:45:40 AM PDT by Da Coyote
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To: Oldeconomybuyer

everyone drink


16 posted on 05/19/2011 9:46:11 AM PDT by Perdogg (0bama got 0sama?? Really, was 0sama on the golf course?)
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To: Oldeconomybuyer
"The recovery is very sluggish,"

LMAO!!!
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

Yeah. "Recovery".

17 posted on 05/19/2011 9:46:11 AM PDT by Lancey Howard
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To: Oldeconomybuyer

18 posted on 05/19/2011 9:46:50 AM PDT by Iron Munro (Every day we now throw away things people will kill for after TEOTWAWKI)
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To: PSYCHO-FREEP

LOL!


19 posted on 05/19/2011 9:48:21 AM PDT by 6SJ7 (atlasShruggedInd = TRUE)
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To: Oldeconomybuyer

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.


20 posted on 05/19/2011 9:51:18 AM PDT by forgotten man (forgotten man)
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To: Oldeconomybuyer

I expected a dip, and there will be more dips until we get the dipsticks out of Washington.


21 posted on 05/19/2011 9:51:25 AM PDT by pallis
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To: forgotten man

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.”


22 posted on 05/19/2011 10:08:02 AM PDT by MrEdd (Heck? Geewhiz Cripes, thats the place where people who don't believe in Gosh think they aint going.)
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To: Oldeconomybuyer
"The recovery is very sluggish," said the group's senior economist, Lawrence Yun, adding that unnecessarily tight credit is continuing to restrain the market.

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.

23 posted on 05/19/2011 10:08:09 AM PDT by Crichton
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To: forgotten man

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.


24 posted on 05/19/2011 10:08:09 AM PDT by Terry Mross (Only a SECOND party will get my vote.)
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To: Terry Mross

And I’m talking about Houston, by the way. Where it’s supposed to be rosy.


25 posted on 05/19/2011 10:09:51 AM PDT by Terry Mross (Only a SECOND party will get my vote.)
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To: MrEdd
I'll bet this blog is amusing:

http://lawrenceyunwatch.blogspot.com/

Lawrence Yun Watch - Follow the NAR's hack as he denies the housing bubble and crash

26 posted on 05/19/2011 10:10:28 AM PDT by Crichton
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To: Oldeconomybuyer

Repeat this story once a month for the next ten years.


27 posted on 05/19/2011 10:45:46 AM PDT by Razzz42
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To: Oldeconomybuyer
“Unexpected” down turns across the economy is the direct result of incomplete education provided my our collegiate education system.

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?

28 posted on 05/19/2011 10:54:00 AM PDT by Nip (TANSTAAFL)
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To: Crichton
adding that unnecessarily tight credit is continuing to restrain the market.

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.

29 posted on 05/19/2011 11:07:20 AM PDT by Timocrat (Ingnorantia non excusat)
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To: Oldeconomybuyer

My house has ‘DIPPED” so much,all I will be able to afford is one of those $100.homes in Detroit.


30 posted on 05/19/2011 11:30:17 AM PDT by peteyd (A dog may bite you in the ass,but it will never stab you in the back.)
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