Romney Campaign Press Release - The Obama Economy: Disappointment And Despair Continues

"For three and a half years, President Obama has repeatedly demonstrated he doesn't have what it takes to fix our economy — and yesterday's disappointing economic news only further confirmed that fact. Home sales are down and millions of middle-class families are still struggling. It's unacceptable, and Americans deserve a new direction and new president." —Amanda Henneberg, Romney Campaign Spokesperson

Last Month, New Home Sales "Tumbled" And Suffered The Largest Decline Since February 2011:

New Home Sales "Tumbled 8.4 Percent" In June — The Largest Percent Decline Since February 2011. "New single-family home sales in June fell by the most in more than a year and prices resumed their downward trend, suggesting a setback for the budding housing market recovery. The Commerce Department said on Wednesday sales tumbled 8.4 percent to a seasonally adjusted 350,000-unit annual rate, the lowest rate in five months. The percent decline was the largest since February 2011." (Lucia Mutikani, "New Home Sales Post Biggest Drop In Over One Year," Reuters, 7/25/12)

• "Sales Of Previously Occupied Homes Fell In June To Their Lowest Level Since October." (Christopher S. Rugaber, "US New-Home Sales Fall To 350K, 5-Month Low," The Associated Press, 7/25/12)

"The Steep Decline Suggests A Weaker Job Market And Slower Growth Could Make The Housing Recovery Uneven." "Americans bought fewer new homes in June after sales jumped to a two-year high in May. The steep decline suggests a weaker job market and slower growth could make the housing recovery uneven. The Commerce Department said Wednesday that sales of new homes fell 8.4 percent last month from May to a seasonally adjusted annual rate of 350,000. That's the biggest drop since February 2011." (Christopher S. Rugaber, "US New-Home Sales Fall To 350K, 5-Month Low," The Associated Press, 7/25/12)

The Latest Sales Numbers "Fly In The Face" Of Rising Optimism, While Some Analysts Warn Recovery Is Fragile At Best. "These latest numbers fly in the face of rising home builder optimism and a huge run on the stocks of the public builders. Some analysts, however, have been warning that this recovery is fragile at best, given other factors in the economy, specifically lackluster job growth and poor consumer sentiment." (Diana Olick, "Home Sales Disappoint Twice," CNBC, 7/25/12)

"Other Than Housing, The Economy Has Been Weakening. Americans Have Cut Their Spending At Retail Stores For Three Straight Months, The Longest Stretch Of Cutbacks Since The Recession." (Christopher S. Rugaber, "US New-Home Sales Fall To 350K, 5-Month Low," The Associated Press, 7/25/12)

Americans' Personal Financial Security Fell To Its Lowest Levels In Nearly A Year:

"In July, Americans' Personal Financial Security Declined More Than It Has In Nearly A Year, Falling To Its Lowest Level Since March..." "In July, Americans' personal financial security declined more than it has in nearly a year, falling to its lowest level since March, according to a survey released by the personal finance website Bankrate.com on Wednesday. The survey found that 28 percent of Americans are in a worse financial situation than they were one year ago. And 39 percent of Americans feel less comfortable about their savings than they did one year ago. The survey's measures of net worth, job security and comfort with debt level also fell." (Bonnie Kayoussi, "Financial Security Of Americans Declines In July, The Biggest Drop In Nearly A Year," Huffington Post, 7/25/12)

28% Of Americans Are In A Worse Financial Situation Than They Were A Year Ago. "The survey found that 28 percent of Americans are in a worse financial situation than they were one year ago. And 39 percent of Americans feel less comfortable about their savings than they did one year ago. The survey's measures of net worth, job security and comfort with debt level also fell." (Bonnie Kayoussi, "Financial Security Of Americans Declines In July, The Biggest Drop In Nearly A Year," Huffington Post, 7/25/12)

With Falling Home Sales And Financial Security, It's No Surprise Confidence In An Economic Recovery Has Plummeted:

"Confidence That The U.S. Economy Will Recover In The Next Five Years Has Fallen To Its Lowest Level Since Early 2009. Short-Term Confidence Isn't Much Better." ("Long-Term Optimism About U.S. Economy Falls To New Low," Rasmussen Reports, 7/25/12)

"Even More Discouraging Is The Fact That The Number Of Americans Who Expect A Stronger Economy In Five Years Is At Its Lowest Level In Regular Tracking Since January 2009, The Month President Obama Took Office." ("Long-Term Optimism About U.S. Economy Falls To New Low," Rasmussen Reports, 7/25/12)

"Forty-Four Percent (44%) Of Americans Now Say It's At Least Somewhat Likely That The United States Will Enter A 1930's-Like Economic Depression In The Next Few Years." "Forty-four percent (44%) of Americans now say it's at least somewhat likely that the United States will enter a 1930's-like economic depression in the next few years. Just as many (42%) see this scenario as unlikely. These findings include 20% who say an economic depression is Very Likely in the near future but only seven percent (7%) who say it's Not At All Likely to happen. Belief in the possibility of a depression similar to one in the 1930s is at its highest level this year but is below results measured in 2011." ("Long-Term Optimism About U.S. Economy Falls To New Low," Rasmussen Reports, 7/25/12)