Surprise: Right After The Election, New Home Sales Tumble From Downward Revised Two Year High

Tyler Durden's picture

There are those who may be surprised that last month's number of Seasonally Adjusted New Home Sales, which was then reported at 389K, and which number hit the airwaves days before the Obama reelection, was the highest since April 2010. We are not among them, as we were fully expecting today's number to be a major revision of the September number lower - as just happened, with the whopper of a print revised far lower to 369K - but doubled down with the additional miss of expectations of Seasonally Adjusted annualized new home sales of 390K for October when in reality only 368K were sold. All these numbers are annualized. When observed on an as is basis, in October there was a grand total of 29,000 new homes sold in the entire USA, with the Northeast representing a whopping... 2,000 of this. Oh and of the 29,000 houses sold, 9,000 were not even started. And finally, for those who enjoy pointing out the rise in home prices driven only and exclusively by foreclosure inventory stuffing and removal of all such real estate from the open markets, both the median and average new home price ($237,700 and $278,900) printed at at the lowest since June. Oh wait, we know: Sandy's fault. Which explains all bad data. When the data is good, it is nobody's fault.

Please point out the housing "recovery" on the chart below.

And a longer term chart:

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surf0766's picture

In Amerika all numbers are positive ! No ?

TruthInSunshine's picture

In CronyKapitalismComrade Amerika, statistical manipulation & timing of revision dumps own you.

Ben "Bukkakus" Bernax Economic Forecasting Epic-Ness 2005-2007 - YouTube
EscapeKey's picture

Yes, but that was then; the new numbers are entirely accurate and trustworthy.

TruthInSunshine's picture

When the dumb ass bubble head who cut my hair was speaking about how all of the "very few" homes for sale in her neighborhood were selling quickly and quietly - "the for sale signs were taken down but no one was moving in, so we're thinking of listing our underwater home," she said (since the GSEs have literally been instructed to sit on delinquent mortgages & homes that could be foreclosed on, or, and I quote, "attempt to rent, rather than list for sale, the vacant units," per directive of the illustrious Federal Reserve Jackass Repository, and there's no doubt that the "settlement" with robosogining entities and their servicers has and will include more of the same instructions, effectively diminishing what would be the normal flow of foreclosured homes released by a conservative 80%, coupled with starry-eyed "investors" chasing those few assets that are actually being "released" in a highly "efficient" central planning way (sold to you, bitchez! Price non-discovery FTMFL!!!) as "rental properties")...

...I just nodded and forced a gentle smile, and I said in monotone, "that's nice."

Offthebeach's picture

Are blue tarp, poly cord and spruce strapping counted as "home sales"? (You know, new normal and all that.)

BraveSirRobin's picture

Oh come now. Housing is BOOMING. Why I saw in the news where one blew up in New Milford, CT just the other day.

CheapBastard's picture

The "Aliens" are taking a breather.

chubbar's picture

For the "truthers" out there and those interested in the truth, great new video out with new details piecing together 911 and all those behind it. Fascinating.


Ignatius's picture

Also, a major International Conference on 9/11 has just concluded in Malaysia:


kralizec's picture

Cynthia McKinney presents to the 9/11 Revisited conference in Kuala Lumpur.


Ignatius's picture

So that's your 'argument' against the absolute free fall for 2.28 seconds of WTC 7 due to office fires -- first EVER (NIST) -- as NIST admits? 

Or maybe it's your 'argument' against the measured acceleration of the roof line of WTC 1 at 2/3 of free fall and which never decelerated though many floors were being 'crushed'?  You know, just like how a car keeps accelerating through a school bus when they collide (sarc).

Ever use a hammer?  Ever notice how the hammer head decelerates when you hit the nail requiring several blows?

Cynthia McKinney stood in and asked tough questions of Rumsfeld when EVERY other member of Congress was wetting themselves.


EscapeKey's picture

Well, the most "interesting" and "coincidental" part of 9/11 is the records which "unfortunately" went up in fire, not only in WS7 but ALSO in the Pentagon.

I mean, getting rid of one set of embarrassing/criminal data is one thing, but two out of two... we must be talking odds in the billions?

chubbar's picture

I've followed 911 issues for quite a while and even I was surprised at some of the dots they just connected on the video I posted above which just came out. Please watch it if you are interested in this topic.

IrritableBowels's picture

My favorite part was while the planes were busy vaporizing steel buildings, the FBI was able to identify a turrist by his unscathed passport, found at the crash site.

EscapeKey's picture

...and that, despite none of the black box recorders allegedly ever having been recovered.


Mentaliusanything's picture

Well excuss me but that intact passport was the only blackbox required to see America frisked of everything. 

vato poco's picture

OK. I get that. Cynthia Mckinney is a foaming-at-de-mouff fucking loon, and I would no more listen to her theories on.....well, anything....than a hardcore lefty would listen to a Limbaugh program. Fine. Gotcha. Super.


Whether you think The 9-11 Official Story is Gospel or Bullshit, would *strongly* suggest y'all take a look at Chubbar's youtube link. It's _not_ Cynthia Mckinney/Alex Jones/Boogeyman stuff - and if even just 5% of it is true, it's well worth your time. I'll leave any questions that might arise, such as, "Why didn't I see *any* of this stuff on TV, even once??" to y'all.

Orly's picture

Cui bono?

Thanks for the link.

kekekekekekeke's picture

fuck those clowns downvoting this


IridiumRebel's picture

from twitter to the shitter.......

Clowns on Acid's picture

There is an app for that....

Harbanger's picture

Hate to break the news to you, but the Twitter counter represents "Global" usage.  The Empire of the future is the Empire of the mind.

MassDecep's picture

What exactly is Twitter?

And I probalbly am wrong, but isn't Bernank doing 45 billion in MDS and 40 Billion in twist per month?


Temporalist's picture

Glad you beat me to it I was just going to mention this...

As usual it was "unexpected" but "priced in".


Also DB is being sued over MBS.


Get ready for a 200 point reversal on the good news.


Does the Housing Sector Really Help Grow GDP?

slaughterer's picture

"Housing recovery" myth deflated.   What next? 

Long-John-Silver's picture

Media reported unemployment over 10% (real unemployment over 25%).

kridkrid's picture

Nope. That number is based on a formula that is baked in such a way as to be self correcting. It's so simple, but most don't grasp it. It's even talked about from time to time, but seemingly as nothing more than to rub the noses of the who understand the number in the shit that they created.

Spastica Rex's picture

Potemkin villages everywhere.

fonzannoon's picture

Nope, they just blamed Sandy

Bad Attitude's picture

What's next? GDP revised down. Inflation revised up. Consumer confidence down. Food stamps up. Consumer debt delinquencies up. Consumer savings down.

But, on the bright side, gun sales continue to climb.

Buy bullets, bitchez.

BraveSirRobin's picture

"Inflation revised up"

Doubtful. When you exlude the volitile food, energy, housing, transportation, apparel, education, and recreational segments, you will find inflation to be quite tame, no matter what happens to the rest of the data.

IridiumRebel's picture

We are selling our house. No one is coming to look at it. If we wanna give it away we could, but I will just reno the fucker into a multi-family for Hector and make money that way. Fuck you "New Normal". 

TrumpXVI's picture

This is what I'm seeing in my town.  

My nextdoor neighbor has had his house up for sale for most of this year; not sold yet and I haven't noticed anyone stopping by to look.  I got a call from a realtor saying that someone was interested in buying my house (not currently for sale) because it's a duplex (currently single occupancy; me).

Here in town, people are converting their homes into rental units and then moving on.  Pretty soon, maybe the entire population of southern Mexico will be renting in various towns here in el Norte.

Blankenstein's picture

Not "New Normal," just fundamentals kicking in.  Home prices started rising in 1996 (especially in California) and then went on a tear after 2000.  That was a mania, not normal.  If housing price don't reflect what current salaries can afford (Max. house price = 3 times income) then they are too expensive.  

darteaus's picture

Welcome to Ømerika!

Long-John-Silver's picture

Huge tax increase Jan-1-2013 will make US NEGmerika (worse than zero).

GubbermintWorker's picture

Bouncing along the bottom like a carp eating shit.

Long-John-Silver's picture

What will the carp eat when we starve to death and quit shitting?

venturen's picture

But I read today that housing is driving the economy....hmm?

Long-John-Silver's picture

The ditch the economy is driving in is really bumpy.

BraveSirRobin's picture

It's not the ditch, but rather the broken axle that makes the car bounce along. However, the ride will be much smoother with great acceleration once we go over that cliff.

CH1's picture

But I read today that housing is driving the economy....hmm?

Ah, but it is...

The zombies are getting new home improvement loans and taking them to the mall!

docj's picture

Gee, another post-election downside "surprise". What a freaking shock.

Gad, I find it difficult to believe just how gullible, stupid, and easily manipulated as a society we've become.

kridkrid's picture

Not a recent phenomenon. We've been using FRNs thinking it is "money" for a long time. Hell, what % of our population attends church regularly? At least that number is trending down.

CH1's picture

At least at church they get an hour or two to think about weightier matters than Miller Lite, Dancing With The Stars and the home team.

At least that's what used to happen in churches.

Zap Powerz's picture

It has taken a lot of years and hard work to turn a once independent, hard working, ambitious people into a bunch of nanny state, brain dead parasites.

Its a real lesson in psychology.  It would be fascinating if it wasnt so tragic.