by James Quinn
But the government never lies. They just told me GDP rose by
5%, led by the consumer who isn’t buying houses, isn’t buying
discretionary goods like furniture, electronics and sporting goods, and
isn’t increasing their usage of credit cards. Retailers keep reporting
declining traffic and plunging profits, but the consumer is leading the
surge in GDP. I believe them. How about you?
Following last month’s surge to record high home prices, it is perhaps no surprise that for the6th month in a row, home prices have been revised lower. New Home Sales printed 438k, down from prior revised lower 445k and missing expectations of a surge to 460k…missing for 8 of the last 10 months. However, the key focus should be on the epic revisions of the (by now useless) home sales. For
the period May – November, the initial new home sales prints amount to
2.779MM houses. Post revision, the number plunges by 22% to 2.168K. There goes the housing pillar of recovery (let’s hope economists are wrong and rates don’t rise next year eh?)
Can YOUSpot the recovery…?
8th miss in 10 months..