7/19/12, "OUCH: Existing Home Sales Plunge 5.4%," Business Insider, Sam Ro
"Existing home sales unexpectedly fell to 4.37 million in June.
This is down 5.4 percent from 4.62 million in May.
Economists surveyed by Bloomberg were looking for 4.62 million on an annualized basis.
"Despite the frictions related to obtaining mortgages, buyer interest remains solid," said Lawrence Yun of the National Association of Realtors. "But inventory continues to shrink and that is limiting buying opportunities. This, in turn, is pushing up home prices in many markets.""...
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7/19/12, "What Housing Recovery? Existing Home Sales Miss By Most In 2 Years," Zero Hedge
"While it seems like everyone 'wants' the housing recovery to be real and organic (and not simply a reflection of limited supply and P.E. investor interest in scraping up the lowest fruit - they have to earn their commish after all), even the NAR couldn't put lipstick on this morning's pig of an existing home sales number. The biggest drop MoM in 16 months and the largest miss to expectations in 24 months is hardly the stuff of a solid foundation for the renaissance of the American Dream. CNBC's Diana Olick speaks the truth on the distressed supply drying up."...
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Bloomberg at one minute past midnight today is so sure the number is going to be good, so excited, so biased, can't even be bothered to look up its own abysmal track record of predictions in the past 3 and a half years before doing it again and falling on their face again (bold added by me):
7/19/12 (12:01AM), "Sales of Previously Owned U.S. Homes Probably Climbed in June," Bloomberg
"Sales of previously owned U.S. homes probably rose in June, a report may show today, a sign the recent pickup in demand will be sustained."...
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