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| Name: |
water_watcher
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| Subject: |
Economic news revised !!!
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Date:
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2/22/2012 10:02:54 AM
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Existing home sales previously reported as an "increase" of 5% last month has now been revised to a "decrease" of .5%.
Oh the Obama economy. What a disaster.
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| Name: |
GoneFishin
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| Subject: |
Economic news revised !!!
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Date:
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2/22/2012 10:16:03 AM
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This is what I read from Market Watch....what are you reading? Post your source........
Feb. 22, 2012, 10:00 a.m. EST
U.S. existing home sales climb 4.3% in January
WASHINGTON (MarketWatch) -- Sales of U.S. existing homes rose 4.3% in January and inventories fell to nearly seven-year lows, as lower prices, unusually warm weather and an improving economy all lifted demand. The National Association of Realtors said Wednesday that January sales were at a seasonally adjusted annual rate of 4.57 million, compared to a MarketWatch-compiled economist forecast of 4.7 million. December's sales were downwardly revised to a 4.38 million rate from a previously reported 4.61 million; December sales were downwardly revised as part of a seasonal adjustment that impacted monthly, but not annual, sales. That's not to be confused with the 14% downward revision the trade group recently conducted on sales data from 2007 onwards. Median sales prices in January fell 2% from a year ago to $154,700. Inventories fell 0.4% to 2.31 million, which is the lowest inventory level since March 2005 and represents 6.1 months of supply.
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| Name: |
water_watcher
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| Subject: |
Economic news revised !!!
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Date:
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2/22/2012 12:01:18 PM (updated 2/22/2012 12:34:17 PM)
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Jellyfish ... you are so ignorant that I am not going to spoon feed you and have to point out everything even in your own post or make you have to read more as intelligent people do.
You continue to live in your own little world with rose colored glasses and never support anything you say or why you support such a disaster.
You are a sorry excuse for a human being. Where do you live again loser.
Look back at housing starts under Regan, Bush 1, Clinton & Bush 2 .... while the media hypes any small improvement to make try to the disaster in chief look better .... we are still running at a level more than half what it was under previous administrations at the lowest point and 3X less at the best levels. The facts are that any improvement is because it got so bad under Obama and no policy put forth that would help it ... except the wasteful $7K give away for a short period of time that was meaningless and the wrong thing to do. There have been many worthwhile proposals put forth (both dem and GOP) that Obama just did not have the time for that would have helped the housing market and in turn created jobs.
He has nothing to run on but failures ... I can not wait until the general election when his real record will be on trial.
Obama needs to go. NOBAMA in 2012. As I pointed out before ... his own campaign slogan is WTF !!!!
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| Name: |
GoneFishin
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| Subject: |
Economic news revised !!!
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Date:
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2/22/2012 12:58:46 PM
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Just answer the question....cite your source where the sale of existing homes for last month (January )decreased. Your rhetoric is just a feeble attempt to cover up your lack of evidence to back up your lie.
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| Name: |
Talullahhound
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| Subject: |
Economic news revised !!!
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Date:
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2/22/2012 4:18:45 PM
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What I did read is the home prices are at a 10 year low, but that has fueled in increase in January of home sales. Which makes sense.
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| Name: |
MrHodja
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| Subject: |
Economic news revised !!!
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Date:
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2/22/2012 4:47:07 PM
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I love to watch scaly and water go at it, but in this case do I detect that both may be right, that one is talking of existing home sales and the other new home starts? I'm kinda busy with work stuff so won't be able to read it more carefully until later tonight.
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| Name: |
water_watcher
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| Subject: |
you dont deserve this
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Date:
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2/23/2012 7:47:03 AM
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Jelleyfish you never respond to anyones question ... then you stamp your feet like a child when you ask a question and someone does not reply.
Your own post talked about the "revision" to December ... as I posted. December was previously reported up 5% and it was revised down .5%. All you have to do is a search and find many articles.
This is a cut and post from the LA Times.
"December's sales were revised downward to a 4.38 million rate from a previously
reported 4.61 million, leaving the final month of 2011 with a 0.5% decline vs the previously reported increase of 5%"
Now go back to the joke section since you have no credibility and prove that over and over with your lies and never responding to direct questions. You are so sad, you can not even state why you support the disaster in chief. You are a blind follower. Based on how strongly you support him and want to see him reelected ... why aren't you proudly telling everyone why you do support him and want to see 4 more years.
You've got nothing .... you sad spineless worm.
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| Name: |
water_watcher
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| Subject: |
and BTW
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Date:
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2/23/2012 7:50:50 AM
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This was reported over and over on both CNBC and FOX .... of course you did not hear it since you only watch liberal media news. It is just like with gas prices .... when they were a $1 less under Bush the sky was falling ... now it is no big deal. But ask small businesses and lower and middle income people .... sorry they can not afford a $50,000 Volt or a $90,000 Fiscar that Obama supports as his answer. What a joke.
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| Name: |
MartiniMan
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| Subject: |
May be a different point altogether
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Date:
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2/23/2012 10:16:25 AM
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It seems to me the bigger news is that the number was revised from plus 5% to actually having been negative 0.5% which means they were way off. Really has to make you wonder about these estimates and whether they can or should be trusted, especially in an election year.
To your point on home values at a 10-year low driving sales, that will only work with first time home buyers. If you currently own a home that is at a low valuation you will be less inclined to purchase since you will take a bath on the sale. And if your home is under water you definitely will stay put. Home values rising actually promotes purchases because you can take the equity you built as a down payment on a new home.
With unemployment at 15% and disproportionately impacting those that would be the first time buyer it makes me wonder where the new sales are coming from. I suspect this number will likewise get revised way down in a month or two as it just doesn't seem to jibe with the reality of the economy. We shall see....
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| Name: |
MartiniMan
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| Subject: |
I think you missed the point GF
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Date:
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2/23/2012 10:20:08 AM
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They said sales were up 5% in December and then revised to negative 0.5%. If you have a similar 5.5% swing once they revise the numbers for January that equates to a reduction of 1.1%. Not saying that is going to happen but it is SOP for the government to trumpet rosy estimates of things like home sales and then two months later when the truth comes out it gets almost no press.
So I would not take any comfort in the January numbers since we won't know the truth about them until March.
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| Name: |
GoneFishin
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| Subject: |
May be a different point altogether
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Date:
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2/23/2012 1:44:52 PM
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Rather than cherry pick bad economic news, post the entire story. The truth is that data for December was revised down significantly, but this was mostly offset by upward revisions to the prior five months. You left out the prior 5 months......and you guys like to epitomize honesty and high ethical value until it comes to the details that minimize your posts. So, post it all or don't post at all Water Boy......you make Martini look like a fool when he tries to support your cherry pick data.
Water boy as to answering my post, you come across as an 8th grader. Call me names but never back up your half truths. And, I am the pathetic one.
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| Name: |
MartiniMan
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| Subject: |
Source?
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Date:
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2/23/2012 2:29:24 PM
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GF, I have looked and looked but can't find anything about upward revisions from the prior months. I found a CNN article about how NAR is downwardly revising their numbers going back a few years but nothing specific about the latter half of 2011. Where is that discussed? Not saying it doesn't exist but am just couldn't find it.
Oh and by the way, 35% of the existing home sales in January were distressed sales. No surprise since unemployment is 15% and home prices continue to drop.
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| Name: |
GoneFishin
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| Subject: |
Source?
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Date:
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2/23/2012 4:17:52 PM
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From Barrons today
http://online.barrons.com/article/SB50001424052748703754104577239670307210022.html?mod=googlenews_wsj?mod=googlenews_barrons
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| Name: |
Talullahhound
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| Subject: |
May be a different point altogether
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Date:
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2/23/2012 5:09:16 PM
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MM, your logic totally befuddles me. First of all, even if the unemployement is at 15%, which I don't believe it is, that sitll means 85% of the population is working. And buying and selling in this market does not mean you will take a bath. good friend of mine owned the house she is currently living in since 1986 at a price of $200K and just sold it for a little over $500K, and is building a new house. There are a lot of people retiring that have lived in their homes for some time, and will now sell them, perhaps to downsize, or to relocate. Three years ago I sold my house in VA in a down market, but still made a profit at sale. Not as much as it would have been a year earlier, but still a profit.
So there are people buying out there. You don't have to take my word for it, ask John Coley or other realtors on the lake.
It's not the go-go market it once was, but the house sales are picking up. It's actually a good time to buy a house, even if you are not a first time homeowner. It's not as dismal as the picture you would paint.
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