NO PLACE LIKE A HOME-LESS RECOVERY

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?

The Housing Recovery Remains Cancelled Due To 6 Months Of Downward Revisions

Tyler Durden's picture

Following last month’s surge to record high home prices, it is perhaps no surprise that for the 6th 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?)

 

Spot the recovery…

 

8th miss in 10 months..

 

As average home prices plunge…

 

And revisions smash the recovery meme…

 

Revisions, simply put, slash 22% off the previously released home sales data!!!

 

Charts: Bloomberg

3
Leave a Reply

avatar
  Subscribe  
Notify of
bluestem
bluestem

My aunt sells high end RE in the North Dallas suburbs, prices climbing like there is no tomorrow, but as we all know, the will be a tomorrow, John

TE
TE

I know, firsthand, where the “bump” in GDP in the 2nd/3rd quarter came from.

My health and car insurance premiums are up BIG this year, I’m being penalized 40% on my car insurance and 70% for health care insurance.

A couple weeks ago I used by insurance for the first time and took my daughter to her opthamologist. Because her eyes were SO bad, it has been covered by our health policy since her first appointment in 2010.

Three different insurance policies/companies and my co-pay was $30 for the visit. We buy the glasses out of pocket.

This year, my “ACA qualified policy” which costs 70% MORE than my last “non acceptable” policy, my co-pay was $60.

Ok, I can live with that, it sucks since I’m paying almost double in premiums that I have to pay double in out of pocket, but whatever, it could be worse.

It IS worse.

The bill arrived today, and we how the doctor $86 more dollars as it was not paid by insurance (they paid less than my co-pay) and is now considered a “deductible.”

So, in short, of course GDP is up when the money I used to spend on other luxuries like clothes for my growing daughter, or maybe even a hair cut, is going directly to the sickcare industry.

Success.

Wonder what ass-raping is going to be enacted between now and next year to skew it? I’m guessing the upcoming tripling of utility rates is going to work perfectly.

Success again.

Westcoaster
Westcoaster

Say TE don’t feel bad, my insurance picked up $5 of my exam. The other $50 plus the glasses were all on me.

Discover more from The Burning Platform

Subscribe now to keep reading and get access to the full archive.

Continue reading