Home Sales Dip 2.2% despite Tax Credits
Sales of previously occupied U.S. homes dipped 2.2 percent in May, suggesting that a boost from government home-buying incentives is winding down earlier than expected.
The National Association of Realtors says last month's sales fell to a seasonally adjusted annual rate of 5.66 million. April's results were revised upward to 5.79 million. Economists polled by Thomson Reuters had expected sales to rise to a rate of 6.12 million.
The federal government had boosted home sales by offering buyers tax credits of up to $8,000. The deadline to get a signed sales contract and still qualify was April 30. Buyers must close their purchases by end of this month.
© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The National Association of Realtors says last month's sales fell to a seasonally adjusted annual rate of 5.66 million. April's results were revised upward to 5.79 million. Economists polled by Thomson Reuters had expected sales to rise to a rate of 6.12 million.
The federal government had boosted home sales by offering buyers tax credits of up to $8,000. The deadline to get a signed sales contract and still qualify was April 30. Buyers must close their purchases by end of this month.
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[quote]House Democrat leader Steny Hoyer will today announce that the US will not pass a budget in 2010 as ?It isn?t possible to debate and pass a realistic, long-term budget until we?ve considered the bipartisan commission?s deficit-reduction plan, which is expected in December." Yet "the House has never failed to pass an annual budget resolution since the current budget rules were put into place in 1974." The real reason of course is that the budget would indicate new and unprecedented trillions in deficits, which would wreak havoc on Democrat chances to contain their upcoming mid-term election loss to just "landslide" status, instead of what is increasingly shaping up as being more in the "apocalyptic" category.[/quote]
So, why is CBS.com NOT reporting on this?!
Thanks to Oilblunders, maybe its because The People have to put food on the table first. If you think you've been leaving the supermarket with less left in your wallet than you're used to, you're right!
What's being called the worst food inflation in nearly 20 years is affecting everything from soup to nuts, according to Early Show consumer correspondent Susan Koeppen
She noted Tuesday that high gas and diesel fuel prices are hiking the cost of everything from growing food to transporting it, and consumers are paying the price.
Hey genius: Do you realize that you're referencing an article from April 1, 2008 -- 9 MONTHS BEFORE Obama was sworn in as president?!?!
http://www.cbsnews.com/stories/2008/04/01/earlyshow/contributors/susankoeppen/main3985519.shtml
Bwaaa haaa haaa haaa!!!
What a tool!
Let's see they created 450,000 new jobs. 3/4 of which are for temporary census takers. So we 4.5 million out of work but a whopping 150,000 jobs werer created. Now I may not be an economics major but something sounds a bit off here.
You prefer the 700,000 PER MONTH that were ****LOSING**** their jobs under the Bush regime?
How do you feel NOW, about members of the Bush regime URGING companies to offshore and outsource their manufacturing jobs to third world nations, as well as India and China?
http://www.whitehouseforsale.org/documents/102804offshoring.pdf
WOW!!!
sorry, curse, I don't believe in malthusian economics. There is no infinite growth in anything. Every growth chart has peaks and valleys.
Oil runs the freaken world, and there is no shortage. Funny how china and latin america are gung ho on oil and snapping up suv's and we're moving towards windmills and golf carts. Your "unfettered capitalist death train" comment bares your beliefs, of which I want no part of.
I know what your alternative is and it isn't what this country was founded upon.
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Jgg, you must think the planet is increasing in size to accommodate our population. Why have fish populations in the ocean declined since 1988? It is not just environmentalists that are forcing the drilling in ever deeper wells, scarcity and access are the prime movers. And I guess you think it is unnecessary for us to purchase oil from our enemies in the Middle East, so let's see what happens when we do. 4 hours of energy to power the United States has soiled the Gulf, 4 hours. The most optimistic of domestic reserves would power our nation for 3 years autonomously.
You are delusional. And frankly, people like you really are a danger to America, since you are completely irrational. There are plenty of alternate economic systems, but I gather our petrol based economy, as fatally flawed as it is, has been very good to you; but ultimately even if the fire is warm, if it requires the burning down of the house, it is only an illusion of warmth.
New private sector jobs are non-existant. Retail sales are down. Consumer spending is down. Home sales are down. Record numbers of foreclosures, more people are on welfare and foodstamps, unemployment benefit recipients are at record levels. All indicators show bush's recession was actually better than obama's "recovery". Why is there another stimulus up for consideration, and why won't congress release a budget? It's about time that the media started reporting the freaken truth instead of carrying obama's water.
If you think anyone of the two political Parties is going to change the direction of this Unfettered Capitalist Death Train, you are delusional. The "stimulus" is just another Bubble like the tech and housing bubble, meant to create the illusion that infinite growth is actually possible.
Oil runs the freaken world, and there is no shortage. Funny how china and latin america are gung ho on oil and snapping up suv's and we're moving towards windmills and golf carts. Your "unfettered capitalist death train" comment bares your beliefs, of which I want no part of.
I know what your alternative is and it isn't what this country was founded upon.