morningfog (10,565 posts)
1. I disagree. His legacy will be marriage equality,
a salvaged economy, the first movement to universal healthcare, and diplomacy with long time foes Iran and Cuba. On the negative side, it will be 8 years if wars, and a rise of the Obama Drone Doctrine.
The Census Bureau reported today that sales new homes in the U.S. (seasonally adjusted at an annual rate) plunged sharply in March to 481,000 after hitting a seven-year record level of 543,000 in February.
As has been the case so often, AP reporter Josh Boak didn't look past the seasonally adjusted numbers, and as a result gave the "expert" he quoted a free pass to supply sunnyside-up commentary in his mid-day Wednesday dispatch.
He also shakily claimed that "winter storms" were a "likely" major impediment to March sales (bolds are mine):
US NEW-HOME SALES COLLAPSE IN MARCH
Sales of new U.S. homes plummeted in March, as the spring buying season opened with sharp declines in the Northeast and South.
The Commerce Department said Thursday that new-home sales fell 11.4 percent last month to a seasonally adjusted annual rate of 481,000.
This marks a swift reversal from an annual sales pace of 543,000 in February, which had been the strongest performance in seven years.
Purchases of new homes have been volatile on a monthly basis, although sales during the first quarter of 2015 are higher than in 2014.
The volatility points to a real estate market still finding its footing in the aftermath of the housing bubble that triggered the Great Recession in 2007 and the weak recovery that has followed.
"The pace is sluggish, but the trend in new home sales is still higher, said Jennifer Lee, a senior economist at BMO Capital Markets.
"Don't be surprised to see a bounce back in April."
... Winter storms in January and February closed construction sites and likely pushed back potential March sales to later in the year.
At the same time, a yearlong hiring spree coupled with low mortgage rates has expanded the number of people shopping for a home.
Boak's claim that March's "collapse" was a one-off "likely" due to weather is suspect.
http://newsbusters.org/blogs/tom-blumer/2015/04/23/ap-report-new-home-sales-collapse-argues-bounce-back#sthash.cSIihWoy.dpuf