RIDICULOUS HOUSING PROPAGANDA FROM NAR & MSM

I’ve told myself to not even look at the highly manipulated statistical drivel put out by the government, corrupt organizations, and regurgitated and spun in a positive manner by the captured corporate media. Just when I thought I was out, they pull me back in.

I see Marketwatch with this blaring headline:

 

Existing-home sales rise 2.4% in July

 

They are breathlessly describing how this was better than expected, as if it proves we are in a housing recovery. Existing home sales always rise in July versus June because people need to move before school starts. This is a meaningless data point. The important data point is how it compares with the prior July. That is buried deep in the NAR press release.

Surprise, Surprise. Existing home sales FELL by 4.3% versus July of last year. That means the housing market is in decline.

Of course the scumbags at the NAR touted the 4.9% price increase over last July. They use annual data when it suits them. 

What they did not report is that home prices FELL between June and July from $223,300 to $222,900. They have been falling for months. Housing inventory grew by 3.5% over June and by 5.8% over last July. So you have declining sales and rising inventory on a year over year basis. That sure sounds like a recovery to me.

Investors still account for 29% of all sales, but that percentage is declining. The hedge funds are exiting and the flippers are panicking. Wait until prices fall another 5%. The rush for the exits will be on. First time buyers are still near historic long-term lows and will remain there for years.

Yes the MSM and the NAR are actually cheering for negative year over year sales results that put existing home sales at 1999 levels. Yippee. Let’s buy the all-time fucking high in the stock market.

 

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Chicago999444
Chicago999444

NAR pronouncements have been a source of amusement for me since 2004 or so, when I made a fool of myself saying that the housing market was a bubble and that when it blew, it was going to be the Mother of busts.

I was only partly wrong. The Mother of busts is yet to come. Wait till the skein of corporate debt and derivative towers out there now start unwinding. And this time, we might not be able to bail them out, at least I hope.

BUCKHED
BUCKHED

I’ve been looking for a house for my mother to purchase so that she could be closer to my brother and I. Her purchase will be an all cash deal. Because of that interest I have few real estate agents who send me houses that fit the criteria that we gave with them. Every week these updates are all most 90% for houses that have had a price reduction.I’ve watched two dozen homes drop by almost 20% in their listing price over the last 4 months .

TE
TE

My sis-in-law is a realtor for an upscale, suburban, yet rural and lake-filled area of Michigan. It’s where the upper mgmt of major Detroit area business chooses to live, well, except the bulk of the Jewish, they live in Oakland County, Birmingham and the Bloomfields to be exact.

Anyway. She has been in the industry about 10 years, is one of the top salesmen in her office, specializes in low-to-mid end of the market and lots of first timers. She’s scared it is so slow. But, she said houses around $600-$700k are still selling, just slower. But that’s about it for the past five months, next to no commercial, no over $1 million (of which there are quite a few), and very, very, few under $150k.

So, in short, the rich guys are cutting back (bullish), their service economy employees have given up (bullish), and – more likely than not – the only morons buying are mid-level managers of the state or union outfits. Exactly like the last time. So, in short, super-duper, everything is coming up roses any day now, bullish!

Maddie's Mom
Maddie's Mom

It was the Top Story on our local (Tulsa, Ok) newscast last night.

http://www.newson6.com/story/26343019/tulsa-area-home-sales-bouncing-back

Funny that…the two new houses across the street took 7-8 months to sell.

I laugh…

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