Home Sales Plunge 'Unexpectedly'

It was "unexpected" since by now all Americans were supposed to be safely ensconced in the home of their dreams with Barack Obama paying their mortgages and utility bills, health care was going to be "free" for all, the world was going to love us again, Club Gitmo was to be shuttered, thereby improving our "image" around the world, Obama would have reduced the sea levels while eliminating mythical global warming and shiny magic unicorns would be delivering toys for all the kids. Or was that Santa Obama?

Whatever, you have to laugh at these clowns from AP. Whenever it's depressing economic news somehow it's unexpected. Seriously, what alternate reality are they living in?

Sales of new homes plunged unexpectedly last month to the lowest level since April, a sign the housing market recovery will be rocky.

The 11 percent slump from October's pace shows that consumers are taking their time following an extension of a deadline for first-time buyers to qualify for a tax credit. The incentive was set to expire at the end of November, but Congress pushed back the date to April 30 and expanded the program to include current homeowners who relocate.

"They don't have to act today," said David Crowe, chief economist at the National Association of Home Builders, who called the results "pretty awful."

Of course for those living here on Planet Earth, none of this was unexpected.

Builders clearly saw the drop coming: the National Association of Home Builders said last week its index of industry confidence fell to the lowest level since June. The trade group blamed high unemployment and a slow economic recovery that are stifling demand.

Those who produce know the reality. Those who take, take, take and produce nothing (read: Washington and the media), for them reality is what they want to believe on any given day.

H/T Jed.