(Reuters) – Home sales rose in November, adding to hints of recovery, but updated data showed the housing crash was much deeper than previously thought.
The National Association of Realtors said on Wednesday that sales of previously owned homes increased 4 percent from October to an annual rate of 4.42 million units.
At November’s sales pace, the 2.58 million unsold homes on the market represented a 7.0 month’s supply, the lowest since February 2007 and a sign the backlog of inventory that has been weighing on the market was clearing.
The rise in sales and drop in inventory was the latest suggestion the housing sector, which triggered the 2007-09 recession, may be on the cusp of a recovery. Data on Tuesday showed housing starts scaled a 1-1/2 year high in November.
“The housing market is finding its bottom, and that will translate into more growth in GDP and less of a drag on consumer confidence,” said Robert Dye, chief economist at Comerica in Dallas. “But we still have a long, long way to go.”
It’s all bullshit by these assholes DNC propagandists in the LSM, and those not part of the LSM are pointing that on
Existing home sales climbed for another month in November, however the news was dampened by an announcement that the level of home sales sold in the U.S. was revised down by an average 14.3% per year since 2007, confirming that the housing collapse was worse than expected.
A decline in for-sale by owner properties was the largest factor in a series of downward revisions to housing sales and inventories since 2007, according to a report released Wednesday by the National Association of Realtors. The decline in sales boosted market share for the nation’s realtors and caused the NAR to revise its benchmark number for the years since the housing bust, after numbers started to fall “out of sync,” according to an NAR representative.
In 2010 home purchases were revised down by 14.6% to 4.19 million. Purchases in 2008 and 2009 were revised downward 16%, and 11% in 2007.
If you drop the number of sales you were claiming was indicating a bump up since 2009 – guess what happened then? – and then the current numbers look like they are better, that’s not good news. It just means that you had been feeding us bullshit for 3 years before now about things getting better, anyway. And have no doubt this is more bullshit. If this had been a republican president’s campaign on the ropes, we would ONLY be hearing about how the numbers where all false. Instead Reuters, and the rest of the LSM that take their marching orders from the DNC, pretend this is much ado about nothing, and we now have “good news”!
Don’t fall for it. There will be nothing but these lies about how things are getting better till November 2012. Then, if a republican wins, we will get the most pessimistic economic coverage you have ever seen from the pissed off leftists. Of course with the democrats working to commit massive fraud, this might all be moot. Things will keep getting bad, and the losers will keep lying to us about how they are getting better.