May home sales unexpectedly fall 2.2 percent

AP via MSNBC ^ | June 22, 2010 | Alan Zibel

[John W]

WASHINGTON - Sales of previously occupied homes dipped 2.2 percent in May, suggesting that a boost from government home-buying incentives is winding down earlier than expected.

[SumProVita]

Unexpectedly????

[granite]

Why are ALL economic announcements from this regime “UNEXPECTED”? Could it be that they are totally incompetent when it comes to forecasting and economic matters?

"Predictions are tough, especially when they concern the future." - Yogi Berra

[cranked]

Wait till January 2011 when the Bush tax cuts end and see what happens.....buhbye Jack Squat Barry....

[Gondring]

No, they are easy. The economy sucks and the $8000 tax credit expired on April 30. I was lucky and sold my house to a person taking advantage of the tax credit.

Tax credit = Fine on those who don't do what The State wants.

[KarlInOhio]

Do the sales count on closing or on signing the contract? The contract had to be signed by April 30 to get the tax credit, so if sales are falling now that means the tax credit had even less effect that Obama and gang hoped.

Since sellers raised their prices (or at least didn't lower as much) in expectation of more buyers with tax credit cash burning holes in their pockets, the tax credit mainly aided the sellers and especially their banks. What smart person wants to buy a house where the price has been temporarily boosted by a few thousand dollars, which will nearly immediately disappear from the equity when the credit goes away.

[JaguarXKE]

What would truely be unexpected is if the LSM ever reported bad economic news under Obsma and didn’t say it was unexpected.

[henkster]

Drinking so early in the morning is not what I expected, but I’ll drink to that!

[henkster]

Only the bad news is “unexpected.” Any fabricated good news comes with a “Ta-Da!”

[Uncle Chip]

unexpectedly

Is there anything that this administration expects that ever comes to pass????

[Grunthor]

Why would it be considered unexpected? The tax credit ended in April.

[spokeshave]

Unexpected...a word used to describe the fact that economists are drooling morons who would be better off picking predictions out of their prodigious posteriors.

In other news a new trivia quiz will be available for Christmas this year on Economics...

It has 400 questions and 1,000 answers.

[Madame Dufarge]

Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase. Home buyers must attach a copy of their HUD-1 settlement form (closing statement) to Form 5405 as proof of the completed home purchase. In cases where a HUD-1 form is not used, such as for construction of some new homes, you should attach a copy of the certificate of occupancy in lieu of the HUD-1.

Federal Housing Tax Credit

[whershey]

Well home sales have fallen unexpectedly in October, November and December 2009 as well as in January, April and May of this year. How unextpected.

[whershey]

I forgot to add that this group of idiots running our country have to be the worst propagandists ever. If they'd been running Germany in the 1930’s there never would have been a war.

[dools007]

BTTTTTTTTTTTTTTT I thought this was the most competent president and staff in history.

[Uncle Miltie]

“Unexpectedly” Pile-On Alert!

[egannacht]

Just 2.2?

[SonOfDarkSkies]

I guess those 410,000 temporary census workers didn't do their part to support the housing market.

[mockingbyrd]

You had to have signed by April 30th.

[Pigsley]

Yes, January 2011 is the beginning of a death spiral for the US economy with the tax cuts ending. Anyone buying anything...it’s going to be this year. Laffler (?) wrote a great article on this, frightening, but great. Sorry I don’t have a link. It’s well worth googling and reading. He predicts a dire, dire time for the economy next year.

Oh, and on an even sadder note: How would you like to be trying to sell a house in Louisianna, Miss, Alabam, even Fla now? I imagine the market is a flat liner now and for years to come. Sad, sad, sad. What has happened to our country? Oh, right. Barry Obama.