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 ...
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.