So, CNBC is calling the exiting decline in home sales in May “Unexpected.”
The home buyer tax credit expired, and it’s generally known that the primary effect was not to generate new home sales, but to move purchases up by a couple of months, so this is entirely expected.
This is completely expected.
Yes. "Unexpected" means "undesired." I see this often in policy circles. It's why a coined the term "Cassandrafreude."
It's the same definition that Larry Summers, Ben Bernanke, "Turbo" Tim Geitner, both of The Romers (wasn't that a failed sit-com in the '80s? If not, the joke's on us) and numerous bank executives have used when describing the economic downturn of 2008 "unexpected" and "unpredictable".
The downturn (and the collapse yet to come, but it's sooner than later) was easily spotted as late as 2007, and a lot earlier if you kept your wits about you when "everyone deserved to own a home".
You probably already read Calulated Risk, Zero Hedge, Denniger's Market Ticker, Naked Capitalism, The Big Picture, Infectuous Greed, Jesse's Cafe American, and the other financial bloggers that don't get coverage, right?
Yes, and TBP, NC, CR, and Felix Salmon are getting coverage now.