Existing-Home Sales in U.S. Unexpectedly Fall

[marmar]

(Bloomberg) Sales of existing U.S. homes unexpectedly declined, manufacturing in the Philadelphia region slowed and consumer confidence dropped, pointing to an economy that is struggling to regain momentum following the surge in energy costs.

Purchases of existing homes decreased 0.8 percent to a 5.05 million annual pace in April, the National Association of Realtors said today in Washington. The Federal Reserve Bank of Philadelphia’s general economic index fell in May to the weakest reading in seven months, and the Bloomberg Consumer Comfort Index slumped to a nine-month low, other reports showed.

Gasoline prices hovering close to $4 a gallon and rising grocery bills may discourage American households from taking on big purchases like houses just as manufacturing cools after leading the economy out of the recession. Another report showing claims for jobless benefits are retreating after an April surge raises the odds any economic slowdown will prove temporary.

“We’re going through a soft patch,” said Eric Green, chief market economist at TD Securities Inc. in New York. “Housing is just bouncing along the bottom. Job demand is real, and we’re going to emerge past this soft patch.” ..........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-05-19/existing-u-s-home-sales-unexpectedly-decrease-0-8-to-5-05-million-pace.html

[AngryAmish]

1. Unexpectantly? Will they stop this shit? Do they think we are stupid?

Yes, they do think we are stupid.

[Luminous Animal]

3. My 1st thought, as well!

[closeupready]

4. LOL, that was my first reaction - instead, I thought, who are the idiots making predictions that

are being contradicted by very obviously foreseeable, factual developments? Because: 1) I am not an idiot; 2) I knew sales were going to continue to fall; and 3) I could be some overpaid housing sales prediction consultant for much less than what many of them are currently making - AND with an added benefit that my predictions would be more accurate!

[driver8]

5. Exactly. I guess they don't realize that people without jobs have no money to buy houses.

My 7 year old son could figure that shit out...

[MedicalAdmin]

7. Gamblers are eternally optimistic.

It's a sickness.

[yella_dawg]

2. Define "unexpectedly".

'Cuz unanticipated no longer appears to be a synonym.

[phantom power]

6. Remarkable, how bad economic news is always "unexpected."

:eyes:

[Luciferous]

8. Nope, I'm pretty sure most people expected home sales to continue to fall.

When people can't find jobs, wages are depressed, and banks don't want to lend, people don't buy houses. I guess the only people who find this unexpected are the people who write those articles.

[Dappleganger]

9. People can't buy homes even with dual-income McDonald's jobs.

[Cali_Democrat]

10. "Unexpectedly Fall"

You've gotta be kidding me. Either some people aren't paying attention, or the economists bloomberg consulted are clueless.