Biden Says Economy Is Improving

What planet is Joe Biden on? He said this week the economy is improving.  Not in America it isn’t.  U.S. home sales plummeted in July to a level not seen in more than a decade, spurring fears of renewed weakness in housing prices and the broader economy.  Last week the weekly unemployment was up.  Does that sound like an improving economy?

Sales of previously owned homes fell 27.2% from June to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday.  This is the lowest level since the industry group started its tally in 1999. The rise in the inventory of unsold home, means another decline in housing prices is on the horizon according to economists.

"At this point in the recovery, every little bit counts," said economist Paul Dales of Capital Economics. "A double dip in the housing market would certainly help to hold back the recovery." He expects home prices to fall another 5% after a 30% decline during the recession.

The housing news sent stocks tumbling, briefly pushing the Dow Jones Industrial Average below 10,000 for the first time since early July. The index closed at 10040.45, down 133.96 points, with investors rushing into safer assets as they reassessed the economic outlook.

"Consumers and housing are in no position to lead us out," said Nigel Gault, chief U.S. economist at IHS Global Insight. "We've gone through the inventory-cycle boost. The stimulus boost is fading. We're falling back on whatever underlying strength there is in the private sector, in exports and business-equipment spending, and there's not a lot."

Price declines could lead to more delinquencies and foreclosures, and additional subsequent price drops. "You end up in a home-price-depreciation death spiral," said Laurie Goodman, a senior managing director at mortgage-bond trader Amherst Securities Group LP in New York. "It's not clear there's enough demand to handle this overhang without another round of price declines."

Socialist Barack Hussein Obama’s trillion dollar stimulus is NOT working for American taxpayers.  Obama has traveled the country saying this is “the summer of recovery.”  Biden says the economy is improving.    What it really is, is gloom for hard working Americans.  Obama is destroying America.

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