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Varchild2008 (83.88)

Fake News: Inside the mind of AP Journalism

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June 23, 2010 – Comments (3) | RELATED TICKERS: HOV , PHM

Here's my treat to you all!

The following is my *revision* of an Associated Press article written about today's wonderful (sarc) New Home Sales report in order to uncover what is inside the mind of a journalist that works for the Associated Press....

This is what the journalist's article would read if he/she wanted to tell you everything they were thinking when they wrote the actual article:

Enjoy!

"New-home sales plunge 33 pct which doesn't signal that the economy isn't recovering, because it absolutely is!"

WASHINGTON (AP) -- Sales of new homes collapsed in May, sinking 33 percent to the lowest level indicating that apartment rental is up 33% (so this new home sales drop is meaningless).

 Potential buyers stopped shopping for homes once they could no longer receive government tax credits.  But, that will change once Pres. Barack Obama enacts more tax credits soon because we obviously need them!  They work!

The bleak report from the Commerce Department is the first sign that there isn't anywhere close to enough Stimulus.  President Obama must act now on stimulating this economy on a continuous basis.... No More Tax Credit deadlines! 

The credits expired April 30. That's when a new-home buyer would have had to sign a contract to qualify.

"We fear that the appetite to buy a home has disappeared alongside the tax credit," Paul Dales, an obvious Republican Crony who doesn't know what he's talking about......  U.S. economist with Capital Economics," wrote in a note. "After all, unemployment remains high, job security is low and credit conditions are tight."  Which is obviously a load of crock....The Unemployment rate dropped last month after all.....  This is a Summer Recovery as Biden has pointed out!  Profits are up......  So obviously businesses are hiring....Or they are instead acting like greedy....greedy....greedy....evil....idiots that must be delt with harshly by an Executive Order soon and fast!

New-home sales in May fell from April to a seasonally adjusted annual sales pace of 300,000, the beloved, precious government, my precious, said Wednesday. That was the slowest sales pace on records dating back to 1963. Which is ok cause Construction Companies that build all of these new homes are EVIL and ROTTEN and only creating endless Urban Sprawl....

This isn't about Tax Credits running out.... It is about there being far too many Home Construction Companys and too many Homes and too many Choices out there.... We need to bankrupt these companys....tear down these homes... and put PARKS in their place as well as wildlife refuges.

And it's the largest monthly drop on record.  Which is a good thing if President Obama uses this to enact bulldozing efforts against all of this excess inventory of Homes.  Sales have now sunk 78 percent from their peak in July 2005.

Analysts were startled by the depth of the sales drop.  Because we all know President Obama is God-like.... He can do no wrong..... So anything bad that happens *IS* unexpected and startling...

Truth is.....  It is the evil evil President Bush who created 8 years of malaise which has lead to an irreversible recession that not even the most holy... most grand... President Obama can fix.

"We all knew there would be a housing hangover from the expiration of the tax credit," wrote Mike Larson, Republican CRONY #2, real estate and interest rate analyst at Weiss Research. "But this decline takes your breath away."

Economists surveyed by Thomson   Reuters had expected a May sales pace of 410,000. April's sales pace was revised downward to 446,000.  These downard revisions are most likely due to behind the scenes Bribes from the Republicans."

----Varchild     "There I fixed it for you Associated Press!"

3 Comments – Post Your Own

#1) On June 23, 2010 at 5:54 PM, devoish (98.24) wrote:

This isn't about Tax Credits running out.... It is about there being far too many Home Construction Companys and too many Homes and too many Choices out there.... We need to bankrupt these companys....tear down these homes... and put PARKS in their place as well as wildlife refuges.

You are not seriously suggesting we fill in the holes we just finished digging?

Otherwise its a nice fixer-upper.

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#2) On June 23, 2010 at 7:05 PM, alberta911 (74.77) wrote:

Looks like your tax credits went to white collars in jail

The IRS has identified many errors and discrepancies in the implementation of Obama's first-time homebuyer tax credit, including a ridiculous amount of money going to people who definitely didn't buy a home (via Washington Independent). Like prisoners on a life sentence:

2,555 taxpayers receiving credits totaling $17.6 million for homes purchased prior to the dates allowed by law.1,295 prisoners receiving credits totaling $9.1 million who were incarcerated at the time they reported that they purchased their home. These prisoners did not file joint returns, so their claims could not have been the result of purchases made with or by their spouses. Further, TIGTA found that 241 prisoners were serving life sentences at the time they claimed that they bought new primary residences.10,282 taxpayers receiving credits for homes that were also used by other taxpayers to claim the credit. (In one case, TIGTA found that 67 taxpayers were using the same home to claim the credit.) TIGTA auditors have not fully quantified the total of these erroneous credits, but all indications are that the total will be in the tens of millions of dollars.

The IRS will try to recover $26.7 million of fraudulent claims. Who knows how much this will cost the notoriously inefficient organization -- and you can be sure the real amount of tax credit fraud is a lot higher.

As for saving the housing market, the verdict's still out.

 

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#3) On June 28, 2010 at 12:18 PM, long2putt (< 20) wrote:

Save all the hype about the housing market,recovery is many years off.  The next big housing boom will come when the baby boomers sell their current home and buy that little one story ranch in the sunny states of the southeast and west.  How many years?  As long as it takes the 25 to 40 year old to save 20% for a down payment and realize income that stays in the traditional 25/36 guidlines of the old well run FNMA.  

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