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Pending Home Sales Unexpectedly Slide in April
FoxBusiness.com ^ | 5/30/2012 | Reuters

Posted on 05/30/2012 7:43:30 AM PDT by mykroar

Contracts to purchase previously owned homes unexpectedly fell in April to a four-month low, undermining some of the recent optimism that the housing sector was touching bottom.

The National Association of Realtors said on Wednesday its Pending Home Sales Index, based on contracts signed in April, fell 5.5 percent to 95.5, its lowest level since December.

Economists polled by Reuters had expected signed contracts, which lead existing home sales by a month or two, to rise 0.1 percent after a previously reported 4.1 percent gain.

The housing market has been one of the U.S. economy's weakest links as it recovers from the 2007-09 recession, but many economists think the sector will actually add to economic growth in 2012 for the first time since 2005.

The report on pending contracts in April could temper some of that optimism.

Millions of Americans owe more on their homes than they are worth, making them more cautious about spending and holding back the economic recovery.

After a debt-fueled housing bubble, prices have fallen about a third since 2006 according to some measures and the housing market continues to be saddled with an oversupply of unsold properties.

There have been some signs that the deflation in prices could be bottoming out. On Tuesday, the S&P/Case Shiller composite index showed home prices rose for the second month in a row in March.

But Wednesday's report showed contracts fell 12 percent in the western United States and 6.8 percent in the South. Contracts edged lower in the Midwest and rose slightly in the Northeast.

The National Association of Realtors downplayed the declines.

"All of the major housing market indicators are expected to trend gradually up," said Lawrence Yun, chief NAR economist.

Signed contracts were up 14.4 percent in the 12 months to April.


TOPICS: Breaking News; Business/Economy; News/Current Events
KEYWORDS: economics; housing; obama; obamadepression; obamanomics; recovery; sales; unexpected; unexpectedly
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Contracts to purchase previously owned homes unexpectedly fell in April to a four-month low, undermining some of the recent optimism that the housing sector was touching bottom.

Everyone drink.

1 posted on 05/30/2012 7:43:41 AM PDT by mykroar
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To: mykroar

Gee, who saw this coming? LOL!
Freegards
LEX


2 posted on 05/30/2012 7:46:02 AM PDT by lexington minuteman 1775
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To: mykroar

Yep, “unexpectedly”.


3 posted on 05/30/2012 7:46:19 AM PDT by Navy Patriot (Join the Democrats, it's not Fascism when WE do it and the law is what WE say it is.)
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To: mykroar

hic!


4 posted on 05/30/2012 7:47:00 AM PDT by NonValueAdded (Extraneous Wind sends ...)
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To: mykroar

There’s that pesky “unexpectedly” again. Those statistics sure are sneaky.


5 posted on 05/30/2012 7:47:28 AM PDT by Sudetenland (Anybody but Obama!!!!)
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To: mykroar

If we actually played the game, we’d all have cirrhosis.


6 posted on 05/30/2012 7:48:12 AM PDT by EEGator
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To: mykroar

Unexpectedly!!!!

How can this be?

We’re in the greatest recovery ever, led by the economic genius.


7 posted on 05/30/2012 7:48:45 AM PDT by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: mykroar

Seeing just the opposite in my area in a big way.


8 posted on 05/30/2012 7:49:08 AM PDT by HereInTheHeartland (We are the 53%. 47% of Americans pay no taxes; end the free ride...)
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To: mykroar

We’ll have to start calling it the “U” word.


9 posted on 05/30/2012 7:49:15 AM PDT by cicero2k
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To: mykroar
Image and video hosting by TinyPic
10 posted on 05/30/2012 7:50:12 AM PDT by SoFloFreeper
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To: mykroar
"All of the major housing market indicators are expected to trend gradually up," said Lawrence Yun, chief NAR economist.

Based on what? The unemployed and underemployed are going to use what to pay mortgages?

Sorry, Lawrence, I can do better pulling projections out of my a$$... you're fired!

11 posted on 05/30/2012 7:51:20 AM PDT by hattend (Firearms and ammunition...the only growing industries under the Obama regime.)
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To: mykroar

I didn’t think that had room to “slide” Otherwise, if their were any positive indicators it would be unexpected. A miracle really.


12 posted on 05/30/2012 7:58:44 AM PDT by Leep (Enemy of the Statist)
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To: mykroar

I doubt that even heavy dope-smokers have had “recent optimism.” That is purely a figment of the msm’s fevered imagination.


13 posted on 05/30/2012 8:00:56 AM PDT by txrefugee
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To: hattend
Based on what? The unemployed and underemployed are going to use what to pay mortgages?

No kidding. Unemployment will get worse, not better. Wages are stagnant, gas prices are still high and robbing consumers of their otherwise discretionary spending, tax revenue is till sliding, and the general economy is stagnant on a good day.

And it will remain that way until President Idiot and Enemy is removed from office.
14 posted on 05/30/2012 8:00:56 AM PDT by ZX12R (FUBO GTFO 2012 !)
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To: Navy Patriot

Barry is about to ride that double-dip onto the ash heap of history


15 posted on 05/30/2012 8:06:25 AM PDT by Buckeye McFrog
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To: mykroar

There’s that pesky word again!...unexpectedly!...Just like Obama’s legacy going unexpectedly into the crapper!


16 posted on 05/30/2012 8:07:02 AM PDT by AngelesCrestHighway
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To: mykroar
"All of the major housing market indicators are expected to trend gradually up," said Lawrence Yun, chief NAR economist.

How can this guy be so wrong for so long and still keep his job. Here's a realistic take on the housing market. Note he doesn't even go into the shadow inventory held by the banks. Bagdad Bob has more credibility than Lawrence Yun.

17 posted on 05/30/2012 8:10:40 AM PDT by Timocrat (Ingnorantia non excusat)
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To: mykroar
Unexpectedly ©
18 posted on 05/30/2012 8:19:42 AM PDT by tomkat (:^)
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To: EEGator
If we actually played the game, we’d all have cirrhosis.

But that would be unexpected!

19 posted on 05/30/2012 8:23:22 AM PDT by ProudFossil (" I never did give anyone hell. I just told the truth and they thought it was hell." Harry Truman)
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To: Sudetenland

Buh buh but, sales will rise when all those people who were waiting for school to be over before moving to their new jobs? Jobs? oops! Guess that’s a sore subject, too.

EVERYTHING that is reported by ANYONE with ANY vested interest in any market area, jobs sector, government affilation, or media collusion is a goddam lie! Why can’t people see this?


20 posted on 05/30/2012 8:23:29 AM PDT by Gaffer
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To: mykroar

Those who give up on finding a job might not be “unemployed” according to government statisticians, but they sure aren’t buying houses.


21 posted on 05/30/2012 8:23:56 AM PDT by Atlas Sneezed (Hold My Beer and Watch This!)
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To: Gaffer

YEp, just like the “unexpected” FaceBook crash after Obumber endorsed it...

That was a given.

What a bunch of liars.

ALl these analysts on TV should be tried for enabling fraud.


22 posted on 05/30/2012 8:39:40 AM PDT by JudgemAll (Democrats Fed. job-security Whorocracy & hate:hypocrites must be gay like us or be tested/crucified)
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To: Beelzebubba

With Obama 2.0 coming up, I am sure those who are unemployed are going to be able to apply for houses so that his statistics perk up before elections...

Never let a good lot of stupid and inept people professing ignorance go to waste...


23 posted on 05/30/2012 8:42:28 AM PDT by JudgemAll (Democrats Fed. job-security Whorocracy & hate:hypocrites must be gay like us or be tested/crucified)
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To: mykroar
---undermining some of the recent optimism that the housing sector was touching bottom---

Lolz!

How many more months until they're GONE!?

24 posted on 05/30/2012 8:44:08 AM PDT by St_Thomas_Aquinas (Viva Christo Rey!)
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To: mykroar
---undermining some of the recent optimism that the housing sector was touching bottom---

Lolz!

How many more months until they're GONE!?

25 posted on 05/30/2012 8:44:08 AM PDT by St_Thomas_Aquinas (Viva Christo Rey!)
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To: hattend

Give Larry a break. He didn’t say when they’d “trend gradually up”.


26 posted on 05/30/2012 8:45:09 AM PDT by 1010RD (First, Do No Harm)
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To: Timocrat

I think what Yun is saying is that politicians are going to try something else, hope and change. Maybe they are going to push legislation to force yet again banks to make loans to unemployed people, so the stats go well for Zero during (re)elections, and so that Romney and the GOP-E is again put on the defensive to not align with evil conservatives who profess fiscal responsibility and preventing people from getting free homes.

There, and with TARP and all, Bush and co. are sure it will be paid back eventually... sure...

We know the scenario and how they operate, from illegals black mail, to Obamacare and ads showing old ladies thrown off a cliff with baby killing GOP-E refusing abortions.


27 posted on 05/30/2012 8:47:13 AM PDT by JudgemAll (Democrats Fed. job-security Whorocracy & hate:hypocrites must be gay like us or be tested/crucified)
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To: mykroar

Could be that buyers are rejecting more offers and beginning to hold out for higher price.


28 posted on 05/30/2012 8:47:48 AM PDT by Raycpa
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To: mykroar
There's that word again!


29 posted on 05/30/2012 8:47:55 AM PDT by Iron Munro (If you want total security go to prison. The only thing lacking is freedom. D. D. Eisenhower)
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To: mykroar

http://www.google.com.hk/url?sa=t&rct=j&q=I+don%27t+think+that+word+means+what+you+think+it+means&source=web&cd=2&ved=0CF0QtwIwAQ&url=http%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DG2y8Sx4B2Sk&ei=wEDGT-elFoSUiQfFmpSIAw&usg=AFQjCNHkgKUVmw0UKTqwMubBzFV1h009DQ&cad=rjt


30 posted on 05/30/2012 8:48:26 AM PDT by 1010RD (First, Do No Harm)
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To: mykroar

www.youtube.com/watch?v=G2y8Sx4B2Sk


31 posted on 05/30/2012 8:48:42 AM PDT by 1010RD (First, Do No Harm)
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To: mykroar

On November 7, 2012, we can all expect that the word of the day will be “UNEXPECTED!”


32 posted on 05/30/2012 8:49:12 AM PDT by Freestate316
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To: mykroar

Every bit of bad, but perfectly predictable, economic news is “unexpected’ by this crowd. I’m about 2/3 of the way through Reading ‘The Amateur’ and I truly believe that this stuff truly is unexpected by these...amateurs. obama really thinks he can change the world just because he wants to. He really thinks if he says the ecomony’s in a recovery...there will be a recovery! The guy is an amazingly clueless and self absorbed narcissist. Truly.


33 posted on 05/30/2012 8:49:22 AM PDT by pgkdan (ANYBODY BUT OBAMA!)
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To: mykroar

34 posted on 05/30/2012 8:49:49 AM PDT by dead (I've got my eye out for Mullah Omar.)
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To: mykroar

Predicted a 0.1% rise-and that in itself is a ridiculous prediction just so they could say for a week before the figures were actually released a rise was expected-but in actuality there was a 5.5% DECREASE? Not even close folks.


35 posted on 05/30/2012 8:50:35 AM PDT by John W (Viva Cristo Rey!)
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To: Gaffer

Perfectly stated.


36 posted on 05/30/2012 8:54:38 AM PDT by John W (Viva Cristo Rey!)
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To: mykroar

I clicked the thread to count the uses of the word “unexpected” in the first 50 posts. I wonder which will be the funniest?


37 posted on 05/30/2012 8:58:23 AM PDT by Cyber Liberty (Obama considers the Third World morally superior to the United States.)
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To: dead
Looks like your pic is still popular.

The pic of Marx in the dunce cap in the upper right corner is an especially nice touch. $:-)

38 posted on 05/30/2012 9:07:11 AM PDT by Joe Brower (Sheep have three speeds: "graze", "stampede" and "cower".)
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To: Iron Munro

Excellent! hahahaha!


39 posted on 05/30/2012 9:07:23 AM PDT by hattend (Firearms and ammunition...the only growing industries under the Obama regime.)
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To: F15Eagle

“FOUR MILLION JOBS CREATED” is the Fraud’s latest bluster.


40 posted on 05/30/2012 9:09:21 AM PDT by treetopsandroofs (Had FDR been GOP, there would have been no World Wars, just "The Great War" and "Roosevelt's Wars".)
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To: mykroar

Let’s see.

1. Home prices the lowest in half a decade = Buyer’s Market.

2. 30 Year Mortgage Interest Rates the lowest EVER = Buyer’s Market.

3. Obama is President = Ignore 1 and 2. (Unexpected - LOL)


41 posted on 05/30/2012 9:22:07 AM PDT by Kickass Conservative (Confucius say, short note better than long memory....)
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To: treetopsandroofs

42 posted on 05/30/2012 9:26:49 AM PDT by newfreep (Breitbart sent me...)
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To: mykroar

How many times does the unexpected have to happen before it becomes the expected?


43 posted on 05/30/2012 9:29:36 AM PDT by JPG (Don't just talk about it, make it happen.)
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To: Gaffer; All

” EVERYTHING that is reported by ANYONE with ANY vested interest in any market area, jobs sector, government affilation, or media collusion is a goddam lie! Why can’t people see this?”

It’s about time somebody posted this.


44 posted on 05/30/2012 9:34:13 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: mykroar

“Unexpectedly” hillarious as usual.


45 posted on 05/30/2012 9:46:45 AM PDT by Uncle Miltie (The Presidential Race is about the relative light reflectivity of your Slavemaster.)
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To: mykroar
Photobucket
Unexpected! (Well, someone had to post it.)
46 posted on 05/30/2012 9:52:03 AM PDT by PowderMonkey (WILL WORK FOR AMMO)
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To: newfreep

This chart is almost 2 years out dated — how much worse is it really?


47 posted on 05/30/2012 10:20:01 AM PDT by George from New England
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To: newfreep

Excellent chart.

When I went to Wash DC / Northern Virginia in April, you could see and feel the prosperity everywhere. It looks nothing like the heartland.


48 posted on 05/30/2012 10:25:15 AM PDT by nascarnation
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To: mykroar
"All of the major housing market indicators are expected to trend gradually up," said Lawrence Yun, chief NAR economist.

Good old Lawrence. That's been the NAR line for years and they pay him well for repeating it every month.

49 posted on 05/30/2012 10:28:45 AM PDT by Skulllspitter
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To: Timocrat
How can this guy be so wrong for so long and still keep his job

The job of the NAR chief economist is to forecast sunshine, not tell the truth. He says what the boss wants and collects his paycheck.

50 posted on 05/30/2012 10:32:39 AM PDT by Skulllspitter
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