Here’s your housing recovery. The idiots who pass for economists and financial gurus in this country predicted July new home sales of 485,000. They only missed by 19%. Good enough for government work. In another shocking development, last month’s number wasn’t really 497,000. It was 455,000. Isn’t it amazing how these government numbers NEVER get revised upward in future months. No devious motives there. April and May sales were also revised DOWNWARD. It seems those rising home prices are hitting a little snag. The median price has FALLEN by 8% since April.
If ever a chart told a true story, this is the one. All the blathering about the tremendous housing recovery and new home sales are 71% below 2005 levels and exactly at the same level achieved during the bottom of the 1991 recession. New home sales are 30% below levels from the 1960s when the population was 35% lower than today. The fake housing recovery storyline is kaput. All it took was mortgage rates to go from 3.25% to 4.5%. Imagine the impact when mortgage rates reach 6%. But at least Blackrock and the other Wall Street shysters were able to bilk muppets out of a few billion more.
Why is it a shock to the clueless dolts in the MSM that surging mortgage rates and plunging mortgage applications will result in falling home sales? Is it because they have a story to sell?
At least the homebuilders are optimistic. Dumbasses!!!