The Emerald House Chorus keeps belting out choruses of You’re Out of the Woods while the Wizard of 0 assures Democrats in both houses of Congress that the sheer magnificence of his very being will win them all secure seats in every upcoming election forever.
Once again, someone did not get the memo:
Existing home sales fell in December, the month after a federal tax credit was slated to expire, according to a real estate industry report issued Monday.
The National Association of Realtors reported that existing home sales plunged 16.7% last month to a seasonally adjusted annual rate of 5.45 million units, down from the revised rate of 6.54 million in November. Still, sales year-over-year were up 15%.
Analysts surveyed by Briefing.com had expected the December sales rate to hit 5.9 million annual units.
It was expected that sales would decline from November to December, because November was slated to be the last month in which sales to first-time homebuyers could qualify for a federal tax credit of up to $8,000. Lawmakers have since extended that deadline through April 30, adding a new credit of up to $6,500 for some existing home owners who move.
“This is a huge blow, much bigger than we expected,” said PNC senior economist Craig Thomas. “Unfortunately, we’ll continue to see this kind of volatility as economic supports like the tax credit are taken away.”
The Wizard continues to fiddle with his health care “reform” while the economy burns to ashes.
The Wizard promises that his mighty personality alone will save Democrats from the wrath of the voters.
Want to bet?
No matter how many coats of wax the Emerald House polishes this particular turd of legislation with, there is no clean end to pick up for the Democrats.
The economy is sinking, the Wizard is polishing. We’re in trouble.
