Home Sales Plunge At Fastest Rate In 16 Months

It seems, despite the Fed’s efforts to unscamble the treasury complex’s eggs, that the rate shock of a taper/no-taper decision has become sticky in the housing market. With the fast money exiting, existing home sales missed expectations for the 4th month in a row – dropping to the lowest annualized number since June (very much against the trend in recent years). This is the biggest month-over-month drop in existing home sales since June 2012 but, of course, NAR has an excuse… “low inventory is holding back sales.” So, in other words, they could sell loads more houses if only there were more available for sale (or prices were lower…)…

This is not a “seasonal” thing… and in fact is very much against the seasonals of the last few years…

 

 

Via NAR,

Lawrence Yun, NAR chief economist, said a flattening trend is expected. “The erosion in buying power is dampening home sales,” he said. “Moreover, low inventory is holding back sales while at the same time pushing up home prices in most of the country. More new home construction is needed to help relieve the inventory pressure and moderate price gains.”

 

The median time on market for all homes was 54 days in October, up from 50 days in September, but well below the 71 days on market in October 2012. Short sales were on the market for a median of 93 days, while foreclosures typically sold in 46 days, and non-distressed homes took 53 days. Thirty-six percent of homes sold in October were on the market for less than a month.

 

Total housing inventory at the end of October declined 1.8 percent to 2.13 million existing homes available for sale, which represents a 5.0-month supply at the current sales pace; the relative supply was 4.9 months in September. Unsold inventory is 0.9 percent above a year ago, when there was a 5.2-month supply.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/91dmTlIxZTg/story01.htm Tyler Durden

A. Barton Hinkle: Food Police Are Gluttons for Punishment – of Others

Any day now the Food and Drug
Administration could impose burdensome new regulations that would
cost an ungodly lot. The rules, fiercely debated for the past three
years, will dictate the disclosure of calorie counts for foods sold
in restaurants, grocery stores, delis, bakeries, coffee shops, and
even gas stations. A. Barton Hinkle explains that despite all this
effort, the FDA will actually achieve absolutely nothing.

View this article.

from Hit & Run http://reason.com/blog/2013/11/20/a-barton-hinkle-food-police-are-gluttons
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According To CBS Poll, Obama’s Approval Rating Finally Catches Down With Dubya

Well that escalated quickly. Just a week ago we noted that President Obama’s approval rating trajectory was following an increasingly Dubya-esque route and sur eneough, today, a CBS poll shows that a mere 37% “approve” of the job Obama is doing. This is the same poor approval rating as Bush II’s second term at this time and perhaps more ironically comes only a month or so after he crowed of the Republicans’ collapsing polling results during the debt-ceiling debacle. In aggregate, as RealClearPolitics shows, Obama’s approval rating has collapsed to the lowest on record (and likewise his disapproval rating has soared). We await the next ‘distraction’ from the administration’s dismal state of affairs…

 

Simply out – it’s been a one-way street since the election.. Over-promise and under-deliver – the mantra of every 2nd term president…

 

Source: RealClearPolitics


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/I0LDSbSG5Sc/story01.htm Tyler Durden

According To CBS Poll, Obama's Approval Rating Finally Catches Down With Dubya

Well that escalated quickly. Just a week ago we noted that President Obama’s approval rating trajectory was following an increasingly Dubya-esque route and sur eneough, today, a CBS poll shows that a mere 37% “approve” of the job Obama is doing. This is the same poor approval rating as Bush II’s second term at this time and perhaps more ironically comes only a month or so after he crowed of the Republicans’ collapsing polling results during the debt-ceiling debacle. In aggregate, as RealClearPolitics shows, Obama’s approval rating has collapsed to the lowest on record (and likewise his disapproval rating has soared). We await the next ‘distraction’ from the administration’s dismal state of affairs…

 

Simply out – it’s been a one-way street since the election.. Over-promise and under-deliver – the mantra of every 2nd term president…

 

Source: RealClearPolitics


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/I0LDSbSG5Sc/story01.htm Tyler Durden

Todd Krainin on the Truth About War

The United State’s involvement in the
Middle East looks nothing like the understated, bloodless snapshots
provided by daily newspapers. Todd Krainin takes ReasonTV into
a harrowing work of anti-mythology about 21st century combat,
Photojournalists on War: The Untold Stories from Iraq.

View this article.

from Hit & Run http://reason.com/blog/2013/11/20/todd-krainin-on-the-truth-about-war
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Youth in Revolt Against Obama! 54% of Millennials Now Disapprove of Him!

According to the latest Quinnipiac Poll, 54
percent of folks ages 18 to 29 disapprove of the job Barack Obama
is doing. In March 2009, fully 60 percent approved of the
guy.

I’ve got a new piece up at The Daily Beast that argues
Obama has lost the kiddos not in spite of his policies but because
of them. Here’s a snippet:

Back in 2008, Barack Obama seemed like the coolest cat to hit
the national scene in a long time, almost scientifically engineered
to appeal to idealistic young Americans. He was the perfect
combination of a dream dad and an older brother who could run you
ragged up and down the basketball court, wink and nod about smoking
dope, and hip you to some older but still cool music, you know? In
2008, the Pravda of youth culture,Rolling
Stone
, slathered the future president with praise for being so
with it that he even knew how to use…an iPod. We were all pretty
sure that his eventual Republican challenger, John McCain, had
stopped listening to music when Rudy Vallee went electric or
Stephen Foster released his Chris Gaines record or something, but
there Obama was, listening to Bob Dylan, Yo-Yo Ma, Sheryl Crow, and
even Jay-Z. “I have pretty eclectic tastes,” Obama told Rolling
Stone. He even went on to invoke “Maggie’s
Farm
,” Dylan’s classic song of generational defiance and opting
out. “It speaks to me as I listen to some of the political
rhetoric,” explained.

Yeah, well, it’s all over now baby blue. Like Bush before him –
and in many wars, even worse than Bush before him – Obama has
personified the failure of leaders to speak plainly, honestly and
directly and to enact simple, effective, financially responsible
policies that speak to Americans’ hopes and dreams. The great
political continuity in the 21st century is one of
transpartisan failure and the continuing flight from party
affiliation by more and more Americans.

from Hit & Run http://reason.com/blog/2013/11/20/youth-in-revolt-against-obama-54-of-mill
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Barbara Jean Phenicie, 71, of Peachtree City

Barbara Jean Phenicie, 71, of Peachtree City, Ga. passed away November 14, 2013.

Mrs. Phenicie was a long time teachers aid at the First Presbyterian Kindergarten and preschool, she was also a elder and a deacon at the church.

Mrs. Phenicie was preceded in death by a grandson Brian Phenicie, and also her parents Walter & Mildred Kolb.

read more

via The Citizen http://www.thecitizen.com/articles/11-20-2013/barbara-jean-phenicie-71-peachtree-city

Jerry C. Williams, age 73

Jerry C. Williams, passed away peacefully at his home on Saturday, November 16, 2013.

He was born in Alto, Texas on January 1, 1940, to the late Clenon Farley & Ada Mae Williams.

He is survived by his loving wife of 24 years, Beverly Foster Williams, daughter Suzanne & husband Alan Carter of Covington, Ga., brother Farley Wayne & wife Sharon Williams of Blairsville, Ga., sister Benita Owens of College Station, Texas, grandchildren Evan, Dixon, & Grayson Carter & many nieces, nephews & numerous other relatives.

read more

via The Citizen http://www.thecitizen.com/articles/11-20-2013/jerry-c-williams-age-73

Margie L. Smith of Fayetteville

Mrs. Margie L. Smith of Fayetteville passed away Saturday, November 16, 2013.

She was preceded in death by her husband, Richard F. Smith; daughter, Sue Cross; grandchildren, Jeff Thompson, Aimee Smith; sister, JoAnn Watkins; brother, Charles (Sonny) Parris and is survived by her son, Jim Smith of Jackson; daughter, Kathy Smith of Fayetteville; sister, Betty Douglas; 6 grandchildren; 12 great-grandchildren and 9 great-great grandchildren.

read more

via The Citizen http://www.thecitizen.com/articles/11-20-2013/margie-l-smith-fayetteville

Emily Louise Burgess, 92, of Fayetteville

Emily Louise Burgess, 92, of Fayetteville, passed away November 12, 2013.

She received her teaching degree from West GA College and her Masters of Education and Reading Specialist Degrees at the University of Georgia. She taught elementary school throughout North Georgia and retired from The Fayette County School System. As the supportive wife of a Methodist minister, she was involved in many churches throughout North Georgia.

She was preceded in death by her daughter Sandra Gail Burgess King and three sisters.

read more

via The Citizen http://www.thecitizen.com/articles/11-20-2013/emily-louise-burgess-92-fayetteville