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New home sales edge down, prior estimate revised lower
Reuters ^ | November 28, 2012 | Reuters

Posted on 11/28/2012 7:31:46 AM PST by John W

(Reuters) - New single-family home sales fell slightly in October and the government revised sharply lower its estimate for the prior month's sales, casting a small shadow over what has been one of the brighter spots in the U.S. economy.

The Commerce Department said on Wednesday sales dropped 0.3 percent last month to a seasonally adjusted 368,000-unit annual rate.

Government data for new home sales are subject to substantial revisions. Indeed, the Commerce Department cut its estimate for sales in September by 20,000 to a 369,000-unit rate.

The data leaves the pace of new home sales just below the pace reported in May, suggesting little upward momentum in the market for new homes.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS:
I'll be damned.
1 posted on 11/28/2012 7:31:50 AM PST by John W
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To: John W

Unexpected!


2 posted on 11/28/2012 7:33:24 AM PST by bgill (We've passed the point of no return. Welcome to Al Amerika.)
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To: John W

The elections are over so all of the data manipulation is winding down.


3 posted on 11/28/2012 7:34:11 AM PST by Perdogg (Rep. Tom McClintock (R-CA4) for President 2016)
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To: bgill

surprise, surprise !


4 posted on 11/28/2012 7:34:14 AM PST by Chuzzlewit
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To: John W

how “unexpected” !

*drink*


5 posted on 11/28/2012 7:34:14 AM PST by TexasFreeper2009 (Obama lied .. the economy died.)
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To: John W

The government agencies were lying their a**** off to cover up Obama’s Depression until after the election. Why is this news?


6 posted on 11/28/2012 7:34:34 AM PST by txrefugee
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To: John W

times 10.25.12 reporting bo dayorder doubleplusungood refs unstatistic rewrite fullwise upsub antefiling


7 posted on 11/28/2012 7:36:46 AM PST by gridlock (ELIMINATE PERVERSE INCENTIVES)
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To: John W

casting a small shadow ... over a fertile field where unicorns dance and play.


8 posted on 11/28/2012 7:41:05 AM PST by ILS21R (Everything... IS... a conspiracy)
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To: John W

There was never a “bright spot” in the US economy over the past year, as, inevitably, every preliminary estimate of “improvement” proves to be either illusionary, or is revised down sharply due to “unexpected” changes in some other mysterious index.

But what the heck, it got Bronco Bama re-elected.

That and outright voter fraud.


9 posted on 11/28/2012 7:44:12 AM PST by alloysteel (Bronco Bama - the cowboy who whooped up and widened the stampede.)
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To: gridlock

Excellent Newspeak.


10 posted on 11/28/2012 7:48:20 AM PST by EEGator
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To: John W
...revised sharply lower its estimate for the prior month's sales, casting a small shadow...

A "sharply lower" revision would seem to cast LARGE shadow the Orcs in Mordor want to ignore.

11 posted on 11/28/2012 7:48:49 AM PST by DTogo (High time to bring back the Sons of Liberty !!)
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To: John W

WOW! Can’t tell you how surpised I am at this unexpected bad economic news!


12 posted on 11/28/2012 7:50:59 AM PST by pgkdan (We are witnessing the modern sack of Rome. The barbarians have taken over.)
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To: John W

What a surprise! All I heard on lamestream media business reports before the election was how the great uptick of new homes means the economy is healing.

Was their anything presented prior to the election that wasn’t a lie or embellishment?


13 posted on 11/28/2012 7:53:07 AM PST by Proud2BeRight
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To: John W

Okay, where’s the picture of Captain Renault saying, “I’m shocked!”


14 posted on 11/28/2012 7:54:58 AM PST by FerociousRabbit
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To: John W

http://www.zerohedge.com/news/2012-11-28/surprise-right-after-election-new-home-sales-tumble-downward-revised-two-year-high


15 posted on 11/28/2012 8:02:13 AM PST by ltc8k6
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To: All

The DJIA was down some on this report, however, here is latest news:

“Stocks sharply pared losses after U.S. House Speaker John Boehner voiced optimism that Republicans could reach a deal with the White House to avoid year-end austerity measures.”


16 posted on 11/28/2012 8:18:17 AM PST by John W (Viva Cristo Rey!)
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To: John W

So the October drop from September is just ‘slight’ because they revised downward the September drop. So if they just keep manipulating the monthly ‘drops’ to make them all ‘slight’ then Obama will continue to be a genius!


17 posted on 11/28/2012 8:21:27 AM PST by Kanzan
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To: Kanzan

That’s “Lord and Savior Genius”.


18 posted on 11/28/2012 8:24:07 AM PST by John W (Viva Cristo Rey!)
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To: John W

I’m late to the discussion, but “unexpected” was my first thought. Who would have guessed that the last home sales estimates before the election would have to be revised downward by more than 5%?


19 posted on 11/28/2012 11:54:38 AM PST by Pollster1 (Freedom is never more than one generation away from extinction. - Ronald Reagan)
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