Pending Sales of U.S. Homes Plunged 12%

[marmar]

With a 'Well, Duh!' pullout quote:

“This makes me believe it will take longer to clear the excess inventory,” said Michelle Meyer, a senior economist at Bank of America Merrill Lynch in New York.

(Bloomberg) The number of Americans signing contracts to buy previously owned homes plunged more than forecast in April, a sign the industry that triggered the recession continues to struggle.

The index of pending home resales declined 12 percent after a revised 3.5 percent increase the prior month, the National Association of Realtors said today in Washington. The median forecast in a Bloomberg News survey called for a 1 percent decline.

The prospect that foreclosures will continue to drive down property values may keep buyers on the sidelines awaiting further price declines. Unemployment at 9 percent and stricter credit requirements are further signs that a housing recovery may take years to unfold.

“This makes me believe it will take longer to clear the excess inventory,” said Michelle Meyer, a senior economist at Bank of America Merrill Lynch in New York. “It pushes the housing recovery even further out into the future.” ..........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-05-27/pending-sales-of-u-s-existing-homes-drop-12-as-foreclosures-hurt-values.html

[xchrom]

1. recommend

[Fumesucker]

2. That light at the end of the tunnel?

[Vanje]

3. "Recovery", My ass

Its not over.

[Kolesar]

5. Do you have a better idea?

Other than turn back the clock and wish the financial collapse didn't happen?

[kickysnana]

7. Stimulus should have gone to help homeowners and the banks would have gotten their money

Housing would not be as bad off and millions of people would not have had their futures devastated.

No way can you ship something from China for under $5 that it costs $5 to ship across town. Our economy is corrupt and insane and the Dems when they had all the power did not do the right things to fix it.

[Vanje]

8. No, Kolesar

I'm too busy just trying to get through the month, on $160 without bouncing a check.
This week I bought gas.
So, I'm kind of hungry.

Recovery. Not here.

[Vanje]

10. I have a job.

But my hours have been reduced. I work as needed. I'm on call. If they need me, they will call.

I own my own home, free and clear.
Its surrounded by foreclosed and empty places.
Peeling paint. Tumbleweeds. Vandalism. Unkempt. Raccoons, coyotes and rattlesnakes are reclaiming the neighborhood.


Its worth a third of what I paid for it 6 years ago. .....(I just made that up. ) To say that these properties are "worth" something, infers that someone might actually seek to buy. Nobody seeks to buy. NOBODY.


So, Tell me, Kolesar, about the economic recovery.
On the radio, they just said that the DOW is up a few points today. Fucking YAyy!

[GSLevel9]

6. LMFAO... that's teh EXACT reply I was going to write... lol

[aquart]

4. And not one of those bastards in jail.

[TBA]

9. Normally this time of year home sales increase

so a 12% decline is huge IMO.