Thing are always unexpected with the greatest economic recovery since the foundation of the Han dynasty in China. In fact the Obama Boom’s anemic performance is always called unexpected, stubborn or now “worse than expected.” The housing market is undergoing a double dip recession. Prices and sales are declining again after temporarily stabilizing due to the housing tax credit. As always governmnet can only artificially prop up a market. As soon as that artificial demand is gone, teh decline continues and that is what is occuring.
U.S. single-family home prices dropped into double-dip territory in March as the housing market remained bogged down by inventory and weak demand, a closely watched survey said Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan areas declined 0.2 percent in March from February on a seasonally adjusted basis, in line with economists’ expectations.
The price index was below the low seen in April 2009 during the financial crisis. The glut of houses for sale, foreclosures, tight credit and weak demand have kept the housing market on the ropes even as other areas of the economy start to recover.
The 20-city composite index was at 138.16, falling below the 2009 low of 139.26.
Read the rest: ‘Double-Dip’ in Housing Prices Even Worse Than Expected
Worse than expected is the new term. How can anything be expected if there are no good paying jobs being created? People don’t have money to buy homes because they have crappy jobs. With homes values declining, people don’t want to get a depreciating asset. This is all due to one truth, Obama’s presidency is worse than expected!
Update: Now the media is reporting that Consumer Confidence took a surprise drop in May.
U.S. consumer confidence slid in May as consumers turned more pessimistic on the outlook for the labor market and inflation worries rose, according to a private sector report released on Tuesday.
The Conference Board, an industry group, said its index of consumer attitudes fell to 60.8 from a revised 66.0 in April. The reading was below economists’ forecasts for 66.5.
Unexpeted, worse than expected, stubborn and now surprise are the tersm being used for economic reports. Maybe they should realize tha until we get our fiscal house in order, we will not have a good economy.
Tags: Double Dip, Housing Market, Obama Boom, Stagflation, Worse than Expected
