After SDK Update I had the same problems with API Level 19 and
in my case restarting eclipse didn't solve it.
For some reason, in the sdk/system-images/android-19
directory, sub-folders with system images (armeabi-v7a and x86) were placed within "default"
directory.
I just moved them into android-19
directory (if eclipse is running at the same time, you will have to restart it).
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