Free Republic

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,"...

President Obama on Friday said he has no regrets about describing the last three months as the "Recovery Summer." "I don't regret the notion that we are moving forward because of the steps that we have taken," Obama said in response to a question after he offered comments on the latest unemployment figures.  The administration described the summer of 2010 as "recovery summer" because a large amount of the 2009 stimulus package was being spent over the summer. But job growth slowed dramatically over the summer amid concerns the economy was moving into a double-dip recession, and Republicans have made...