Existing home sales unexpectedly dip in April

Reuters ^ | May 19, 2011 | by Rachelle Younglai

[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.

[Oldeconomybuyer]

[edcoil]

Does any “expert” get anything the expect anymore.

[fhayek]

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?

[central_va]

Always use the Green Shoots™ brand for all of your economic recovery needs.

[EternalVigilance]

[OB1kNOb]

DRINK !

[EternalVigilance]

[Jeff Chandler]

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

[LostInBayport]

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...

[dead]

When every single bit of economic news is "unexpected", it's time to hire new expecters.

[central_va]

More green shoots punji sticks.

[AU72]

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

[PSYCHO-FREEP]

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. “

[Pecos]

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.

[Da Coyote]

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.

[Perdogg]

everyone drink

[Lancey Howard]

"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".

[Iron Munro]

[6SJ7]

LOL!

[forgotten man]

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.