I'm not even going to publish the NAR report, and am tempted to not give their reports any more publicity or analysis as they are statistically flawed, essentially biased and misleading. As are the quotes by the corrupt David Lereah, including these laugh-out-loud doozies today:
"The housing market peaked in August", said David Lereah, chief economist for the real estate group. "This may be the bottom. It appears May is a little better"
“Higher interest rates are slowing home sales, but we see this as another sign of a soft landing for the housing sector which remains at historically high levels.”
May 25, 2006
FLASH: Census 565,000 unsold new homes + NAR's 3.4 Million unsold existing homes + ??? FSBOs = A sh*tload of unsold homes
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10 comments:
Keith,
Love the mushroom metaphor pic, I know you meant housing is sprouting like these fungus in the wet Florida Rainy Season on the lawns of the McMansions. But, I found it humorous because what came to my mind is that RE Agents, Flippers, Last fool in Buyers, etc. are all high on THEM!
LOL
ps: typo corrected
The U.S. economy shot forward at an upwardly revised 5.3 percent annual rate in the first quarter, the fastest growth in 2-1/2 years, as companies built up inventories and exports strengthened, a Commerce Department report on Thursday showed.
I smell bullshit! who are they trying to convince us or the world?????????
more reasons though to keep raising rates to the moon
bork, you need to remember that GDP is a lagging indicator. You'll notice the volume on the equity markets today is anemic. Has been on all these dead cat bounces the last two weeks. You shouldn't get mad about the data (which, while not a lie, is flawed like all statistics), just short more stock and make money on other's stupidity.
to borkafatty:
Shrooms grow in b@llsh*t. (:
Keith-
My money was on another hike, but now I'm starting to shift to the camp that they may pause...if they dont' pause, they should jack it 50bp, shock the sh*t out of everyone, and then let that one stew for a few Fed meetings. Ans you'll notice that the 10 year yield is dropping, somehow...I just dont understand this. No matter what the data indicate, If oil prices even stabilize at $68 for the next year, there is no way we won't see core inflation continue to rise...analysts have been saying that consumers are now just starting to see the increase in fuel costs passed along down the line, and those costs aren't dropping soon. This is a nasty cycle of rising energy because we have continuing strong reported economic growth numberswhich indicate we'll use even more energy, which will raise prices that will tricle down to the core CPI and PPI,etc etc. We need to slow economic growth, period, to get back to a modicum of equilibrium. But I forgot, growth is always good, even when it puts everything out of balance and takes increasing amounts of money out of consumer's pockets for everyday necessities whose costs don't even count towards inflation. What a crock of sh*t.
Don't you just hate the truth when you a selling a good panic. "The median price of homes sold in April rose to $223,000, an increase of 4.2 percent from April 2005." I guess compared to a double digit a year increase that would make a greedy person panic a bit.
some fool said:
Don't you just hate the truth when you a selling a good panic. "The median price of homes sold in April rose to $223,000, an increase of 4.2 percent from April 2005."
reality said:
who cares what april's prices this year are compared to a year ago. all that matters is where they are vs. yesterday, last week, or last month at most. and they're falling like a rock. your year over year comparisons are entirely worthless, and laughed at
realtors. who needs 'em.
http://www.investech.com/others/upload/cw060524_bellwether_interne.gif
Hellllllllllloooooooooo
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