Sales of new homes plunged in October versus the ORIGINAL BULLSHIT number reported last month. This number was revised DOWN by 20,000 homes. Now the MSM will spin this as a Sandy effect, even though they knew about Sandy when they were projecting a number of 390,000. They only missed by 6%. Well guess what? Sandy hit on the freaking last day of the freaking month. It’s impact on new homes sales was negligible. But the MSM needs to keep their housing recovery storyline going. Home prices always fall 4.2% during a recovery. Right?
So new home sales are now running 74% below 2005 levels and we are having a housing recovery? And this is with the lowest mortgage rates in the history of the country. New home sales are at 1970 and 1982 recession lows with a 110 million more people living in the country than in 1970. Don’t you need to apply for a mortgage when you buy a home? How can mortgage applications be running 20% below the 2009 recession levels if there is a housing recovery?
There is no housing recovery. It’s a storyline being spewed by the MSM, Wall Street shysters and government officials in order to boost consumer confidence and artificially increase prices, so the banks can dump their millions of foreclosed homes onto the clueless dupes who think we are really on the verge of another housing boom. So it goes.
U.S. new-home sales in September revised down
WASHINGTON (MarketWatch) — Sales of new single-family homes in the U.S. declined 0.3% in October to a seasonally adjusted annual rate of 368,000, with a large drop in the Northeast, hit by Hurricane Sandy, the U.S. Department of Commerce reported Wednesday.
The pace is up 17.2% from the prior year. The sales pace in September was revised down to 369,000 from a prior estimate of 389,000. Economists surveyed by MarketWatch had expected new-home sales in October to remain steady at a rate of 390,000 on more demand and lean inventories.
The median sales price in October declined 4.2% to $237,700 and is up 5.7% from October 2011. The supply of new homes increased to 4.8 months at October’s sales rate from 4.7 months in September. By region, sales in October fell 32% in the Northeast and 12% in the South. Monthly sales rose a record 62% in the Midwest and 9% in the West. Overall, the pace of new-home sales remains relatively low compared with a peak rate of almost 1.4 million in 2005.