Skip to comments.Existing home sales drop 3.8% (Obama's booming economy! /sarc)
Posted on 06/21/2011 8:42:26 AM PDT by tobyhill
Sales of existing homes fell in May, as severe weather and high gas prices weighed on the shaky housing market.
Home sales fell 3.8% to a seasonally adjusted annual rate of 4.81 million, down from a revised rate of 5 million in April, the National Association of Realtors said Tuesday.
Sales were more than 15% lower than in May 2010.
Economists had expected a May sales rate of 4.79 million existing homes, according to consensus estimates from Briefing.com.
"Spiking gasoline prices along with widespread severe weather hurt house shopping in April, leading to soft figures for actual closings in May," said NAR chief economist Lawrence Yun.
Gas prices surged earlier this year, pinching household budgets and putting a damper on consumer spending. In addition, sales were hurt by tornados and flooding in May that devastated parts of the South and Midwest.
Sales fell more than 6% in the South and were down over 5% in the Midwest. By contrast, sales fell 2.5% in the Northeast and were flat in the West.
(Excerpt) Read more at money.cnn.com ...
Recovery summer redux.
severe weather affects home sales enough to make a difference?
only when Democrat is POTUS lol
If severe weather was really an issue then home sales should have actually increased.
Nice way to start off recovery summer 2011
Is / Are 'had expected' the new buzz word(s) for 'unexpected'?
this is costing jobs that are related to the market.
“along with widespread severe weather hurt house shopping in April”
I forgot, it is the first day of Summer.
I tell you, I do not know how much more of this Obama “recovery” the construction industry can afford!
Not only that but this data is for EXISTING home sales.
The drive-by media actually wants us to believe this sort of conversation takes place:
HUSBAND: "Hey sweetie, want to go out and look at some potential homes tonight?
WIFE: "Are you freaking serious, babe? It's raining outside. No way!"
WIFE: “No, you stupid ass, you need another home because I'm moving in with Anthony Weiner”
Indeed. The housing industry is one of the leading indicators and employers. If the housing market is sick, the whole country is.
SUMMER OF WRECKOVERY!!!
All hail the messiah!
Sure, when the price of gas goes lower, everyone will start buying houses. The fact that so many are unemployed, underemployed or have no job security has nothing to do with the crashing housing market. A 5 letter word comes to mine: IDIOTS!
Considering all the wreckage and ruin caused by the severe weather of April and May, I assume housing starts will balloon shortly.......waiting.......waiting......
“...this is costing jobs that are related to the market.”
Getting people to part with their heard-earned dollars to buy trees and shrubs and perennial plants this season has been like pulling TEETH! I have had exactly TWO large landscaper contracts this season. Two. Pathetic!
Thanks again, 0bama, Pelosi, et al. You know - the ‘Rats that have been in charge of the economy since 2006? Grrr! Hurry 2013! I’m hangin’ by a thread, here!
Oh, I see, they can't afford the price of gas to drive around and look at these existing homes! /s