Saturday, February 27, 2010

Existing home sales unexpectedly plunge in January

There's that word again..."unexpectedly". When a talking point becomes a mantra, you know you're in deep doodoo. Just keep telling them it's all unexpected, as if it wasn't really supposed to happen this way, so they should expect it to correct itself sooner or later - don't panic. They won't become angry. They won't realize this was all planned the whole time.

Anyone with half a brain who puts two weeks' worth of time into studying economics could've predicted all of this. You think they didn't know what they were doing was going to crash and burn our economy? Grow up. That's my mantra: grow up.

Meanwhile, you know market manipulation is in overdrive when there are 19 million unoccupied homes in America - that's one home for every 15 people in America. Unoccupied. And yet nobody can afford to buy a home. I don't know about you, but that, to me, is the epitome of "free market".

    Reuters -

    Sales of previously owned homes in the United States unexpectedly plunged in January, an industry survey showed on Friday, fresh evidence the housing market has yet to find stable ground.

    The National Association of Realtors said that sales fell 7.2 percent to an annual rate of 5.05 million units, sharply below market expectations for a 5.50 million unit pace.

    December sales were revised slightly lower to 5.44 million pace from 5.45 million units. Compared to January last year, sales of existing homes were up 11.5 percent.

    "Today's figure is certainly not good news in terms of sales," said Lawrence Yun, chief economist for the NAR.