March Consumer Confidence Plunges As New Home Sales, Richmond Fed Miss

Tyler Durden's picture




 

Houston we may have a problem: with the DJIA trumpetedely hitting new all time highs day after day in March, one would expect that its traditional second derivative - US Consumer Confidence, would be at all time highs as well, or close thereby. One would be wrong, because according to the Conference Board, March consumer confidence plunged to 59.7 from 69.6, and well below expectations of a 67.5 print. Both components of the index dipped, with both the present situation and expectations indices sliding from 61.4 and 72.4, to 57.9 and 60.9, respectively. And just to make sure the S&P ramps to all time highs on ongoing miserable economic, corporate profit and, of course, sovereign insolvency news, we got both New Home Sales, dropping from 431K to 411K, missing expectations of 420K, and the Richmond Fed also missing expectations of a 6 print, dropping from last month's 6 to 3. All in all, if this latest round of ugly and rapidly getting worse economic data doesn't send the S&P to new all time highs, nothing will. Well, perhaps another European country going broke may do the trick...

Consumer Confidence biggest miss since June 2010...

 

and Richmond Fed missed expectations...

 

and New Home Sales missed too (its biggest miss in 4 months)...

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Tue, 03/26/2013 - 10:14 | 3376546 ihedgemyhedges
ihedgemyhedges's picture

Consumer confidence just confirms the old news that yes indeed, the middle class is toast.....

In other news, gay rights people are pleased that the Supremes have mandated that anal arguments will come after oral arguments....

Tue, 03/26/2013 - 10:18 | 3376567 Cult_of_Reason
Cult_of_Reason's picture

CNBC is lying their asses off today about how the economy is "firing on all cylinders".

Tue, 03/26/2013 - 10:18 | 3376580 Dr. Engali
Dr. Engali's picture

Today?

Tue, 03/26/2013 - 10:25 | 3376613 Cult_of_Reason
Cult_of_Reason's picture

The chronic pathological cheerleaders lie every day, but today’s CNBC spin is ridiculously extreme.

Tue, 03/26/2013 - 10:32 | 3376647 camaro68ss
camaro68ss's picture

Now more then ever is a better time to buy.

Trust us, we're your friends

Tue, 03/26/2013 - 10:38 | 3376690 CheapBastard
CheapBastard's picture

"Buy now! ...before the price drops another 40%."

Tue, 03/26/2013 - 10:39 | 3376696 Cult_of_Reason
Cult_of_Reason's picture

And the lowlife from S&P, David Blitzer, knows well that Phoenix home prices shot up secondary to Blackstone and Wall Street (committed as much as $10 billion for REO-to-rental) bided up home prices parabolic in Phoenix, yet the asshole was lying today and attributing Phoenix home prices spike to “the economy is firing on all cylinders" B.S.

Tue, 03/26/2013 - 11:05 | 3376928 akarc
akarc's picture

Read where the same gig was happening in southern cal. Don't have the link. But it fits with the strategy of all assests will be owned by the Banks,. 

Tue, 03/26/2013 - 11:09 | 3376952 Cult_of_Reason
Cult_of_Reason's picture

Your New Landlord Works on Wall Street

Hedge funds are snatching up rental homes at an alarming rate.

http://www.newrepublic.com/article/112395/wall-street-hedge-funds-buy-re...

Tue, 03/26/2013 - 11:38 | 3377208 Son of Loki
Son of Loki's picture

Agree, cult, the average person is on the sidelines even with these zero-down loans....fewer and fewer people want to 'lock in' for 30 years no matter what the rate. Why tie a lead weight around your ankle for 30 years?

What happens to house prices when rates go up?

 

How about knowing that the average American moves every 4-5 years?

 

Many are wising up. As for rentals, they can have them. Usually those turn into slum hoods within a few yeras since renters have no stake in the house they don't take care of it. Brings the entire neighborhood values down like a rock. Gravity always wins.

Tue, 03/26/2013 - 11:46 | 3377261 IdiocracyIsAlre...
IdiocracyIsAlreadyHere's picture

If I was a tenant and found out my landlord was a hedge fund, I would be so tempted to completely trash the place, sell all the appliances, strip the copper pipe, ruin all the carpets, paint everything in a hideous color they will never be able to paint over and make sure I adopt several feral cats to piss everywhere.  I would not have any guilt about it either like I would a regular landlord as these parasites only got the property by gaming the system in the first place.  They deserve to suffer full consequence of being a landlord.

Tue, 03/26/2013 - 19:50 | 3379480 NihilistZero
NihilistZero's picture

An elegantly articulated Schadenfreude fantasy :-)  Thumbs up!

Tue, 03/26/2013 - 14:37 | 3378103 Blankenstein
Blankenstein's picture

There's a ton of shadow inventory from the fallout of the house building boom.  The homes aren't occupied now, so where are are they planning on finding this large group of renters?  It sounds just like the NAR cheerleaders trumpeting how all the new housing was needed and high prices were justifed in Florida due to the vast migration of Boomers to the Sunshine state.  Just more rah-rah to keep Ben's housing ponzi 2.0 going.

Tue, 03/26/2013 - 14:54 | 3378182 Ruffcut
Ruffcut's picture

They are trying to instill the confidence that you know that both District of criminals and Fraud are full of shit. I'm very confident of that.

Tue, 03/26/2013 - 10:47 | 3376762 Groundhog Day
Groundhog Day's picture

Cramer told me through the tv he wants to help me make money and i for one do believe him.  You can see it in his eyes, a man of honesty and integrity who sincerely cares for the financial well being of others.  If it were up to him he would personally make each and everyone of us millionares trading our accounts, but he is only one man and can't be at al places at once so he is trying his best to educate us and tell us where to put our money.

Sincerely,

Sheep #9886551

Tue, 03/26/2013 - 11:34 | 3377177 Son of Loki
Son of Loki's picture
US business investment orders drop in February:

 


US orders for business investment goods fell 2.7 percent in February, biggest drop in 7 months

 

 

http://news.yahoo.com/us-business-investment-orders-drop-123903033.html

Tue, 03/26/2013 - 12:40 | 3377534 FreedomCostsaBu...
FreedomCostsaBuck-o-Five's picture

Baa-Yaa!!!

Sheep #9886552

Tue, 03/26/2013 - 10:58 | 3376870 Pooper Popper
Pooper Popper's picture

you cant be talking about diane o BOOTlicker,or stevey LIESman.

I am officailly starting the I want to bitch slap cramer club!!!!

Tue, 03/26/2013 - 10:32 | 3376648 natronic
natronic's picture

EVERYDAY!!!

Tue, 03/26/2013 - 10:19 | 3376585 asteroids
asteroids's picture

As long as the FED prints a few billion a day. This market ain't going down much. But, one day, it won't work any more.

Tue, 03/26/2013 - 19:51 | 3379485 NihilistZero
NihilistZero's picture

Liquidity.  Trap.

 

Game over man!  Game over! - Hudson

Tue, 03/26/2013 - 10:20 | 3376587 Cdad
Cdad's picture

Must be a bull market in asses...just around the corner.  

Tue, 03/26/2013 - 10:22 | 3376594 Stoploss
Stoploss's picture

The Bill and Note auctions don't give two shits about the fucking consumer.

RALLY..

 

That is all..

Tue, 03/26/2013 - 10:25 | 3376607 Clowns on Acid
Clowns on Acid's picture

Yeh everybody on the street is either speaking like a real estate agent or quoting Krugman lately.

It seems like the bolsheviks running MSM are trying to replace "Hope and Change" mantra, which hasn't worked, to Scream and Shout...at the white straight man.

Tue, 03/26/2013 - 11:07 | 3376947 akarc
akarc's picture

Pelosi, Boner/Dick, Reid, Cantor, Obama, McDonnel, et al. All White men!

Tue, 03/26/2013 - 11:54 | 3377302 IdiocracyIsAlre...
IdiocracyIsAlreadyHere's picture

Please spare the oppressed white straight man crap.  We are all in this together being screwed and the TPBT just love to see dumbasses like you blame blacks, gays, women, gays, Mexicans - anyone but them.  I would hope you can do better than that.

Tue, 03/26/2013 - 10:30 | 3376640 BlueStreet
BlueStreet's picture

They're worried if they tell the truth all the retirees watching will off themselves and their audience will vanish.  

Tue, 03/26/2013 - 10:18 | 3376577 Chuck Norris
Chuck Norris's picture

Speaking of gay, at least Obama gets another vacation.

The economy can't be THAT bad.

Tue, 03/26/2013 - 10:40 | 3376709 Dr. Engali
Dr. Engali's picture

When you spend almost 4 trillion a year shopper's fatigue starts to set in and you need a break.

Tue, 03/26/2013 - 11:10 | 3376968 akarc
akarc's picture

google who has taken the most vacations and what a presidential vacation is really like. Would do it for ya. But then I'd be accused of being a liberal son of a bitch. Until we shake ourselves out of the republican/democrat/left/right wing divide we are all fucked! 

Tue, 03/26/2013 - 10:23 | 3376602 Calidreaming
Calidreaming's picture

Holy fuckin shit Bernankeman- that news be bullish! 

Tue, 03/26/2013 - 10:37 | 3376684 GolfHatesMe
GolfHatesMe's picture

Like they talk to actual consumers, right

Tue, 03/26/2013 - 10:53 | 3376830 Shizzmoney
Shizzmoney's picture

When I saw that they are ruling on gay marriage today, I rolled my eyes.  Not THIS fucking shit again.

Listen, there are alot of social initiatives that we have to work on as a society.  Can we, just for once, NOT make them a priority, and focus on economic freedom for once?  For fucking once?

We can talk about abortion, gays, rascism, sexism, and all of this other crap right after you know, we fix the inequal economic system that has us living in consumptiontration camps under stagnant wages, lessening safety nets, rising health care costs, and stealth inflation.  Never mind the copyright cartel us our collective asses.

Fix the economic rights of the people, you fix the rest.  It's really that simple.

Tue, 03/26/2013 - 11:14 | 3377022 akarc
akarc's picture

"We can talk about abortion, gays, rascism, sexism, and all of this other crap"

Bingo this is Church stuff not Federal Government shit. It is the slippery slope of total group think/control.  

"Fix the economic rights of the people, you fix the rest.  It's really that simple."

It really is that simple. But only "IF" the people fucking demand it!

Tue, 03/26/2013 - 11:27 | 3377121 madcows
madcows's picture

Deviants seeking acceptance from an unapproving society, and not finding it, must force their will on the unapproving society through subjugation by law... "If you refuse to accept my beliefs, I will force you to accept my beliefs by making it a law that you must accept it."  this is classic Progressivism.

Tue, 03/26/2013 - 12:04 | 3377349 Shizzmoney
Shizzmoney's picture

RE:

"If you refuse to accept my beliefs, I will force you to accept my beliefs by making it a law that you must accept it."  this is classic Progressivism.

It's actually "Statism" - and it doesn't see ANY political belief, left or right. 

That's like me saying that the Patriot Act was a scheme planted by classic conservatism trying to control the people under the guise of a police state. 

Anyone who has ever met a true conservative (a libertarian, most likely), knows that personal freedom trumps "laws" that espouse to protect these freedoms.

Both Stalin (Communist) and Hilter (Fascist) used the same meme as above to push their agenda - at gunpoint.  In the Dark Ages, when the Church or the Muslims were fighting over control of Europe, they used the same thing, fear as a solution to problems, to control the people.

The use of force has NOTHING to do with conservatism or progressivism, which are (in principle), sound ideologies that CAN be a part of a healthy democracy.

Just because some "elites" decided to hijack movements for their own political, and financial, gain.......doesn't mean the ideas they hijacked are bad.  It just means they are plutocratic assholes who are taking advantage of a lot of dumb corporate serfs who can't understand the motherfucking system.

When you take part in the partisanism, you contribute to the Soros (who was once a Republican) and the Kochs (who ran as a Democrat) and Jew Banksters (who own everything) of the world who make money from political gridlock. 

Don't fall for it - it's a scam.

 

Tue, 03/26/2013 - 13:15 | 3377705 de3de8
de3de8's picture

I used to not give a f--k about deviants,but when they start telling you that you have to accept it........no f--king way.

Tue, 03/26/2013 - 11:37 | 3377201 GeezerGeek
GeezerGeek's picture

  I'm all for the separation of commerce and state. Something like "Congress shall pass no law interfering with unfettered commercial interchange between consenting citizens. Nor shall the President issue any regulations or executive orders regarding such, nor shall SCOTUS make even the sligthtest peep regarding such. Violations of this will be punishable by either twenty lashes across the eyeballs with a wet noodle or a one-way trip to the guillotine. And WE MEAN IT!"

Tue, 03/26/2013 - 19:49 | 3379476 StychoKiller
StychoKiller's picture

"Congress shall make no Law abridging the freedom of production or trade." -- "Atlas Shrugged"

Tue, 03/26/2013 - 12:03 | 3377347 IdiocracyIsAlre...
IdiocracyIsAlreadyHere's picture

Unfortunately the TPTB love the idiotic social issues shit.  Who do you think PAYS for all the mega churches, "advocacy" groups, talk radio, ect. designed to keep the little people at each others throats.  Whenever you see some mall sized church or see some issue ad paid for by some "foundation" ask yourself where they got the money for it - NOT FROM YOU.  Then ask yourself Cui Bono? - NOT YOU.  Treat these things with the disrespect they deserve and see your mental health improve.

 

Tue, 03/26/2013 - 15:03 | 3378247 andyupnorth
andyupnorth's picture

+1000

Tue, 03/26/2013 - 10:16 | 3376550 Cognitive Dissonance
Cognitive Dissonance's picture

"Missed it by  >          that         <  much." - Maxwell Smart

Tue, 03/26/2013 - 10:16 | 3376562 ihedgemyhedges
ihedgemyhedges's picture

Agent 86 from Control.  With kinda hot Barbara Feldon as his trusty sidekick....

Tue, 03/26/2013 - 10:34 | 3376659 ihedgemyhedges
ihedgemyhedges's picture

Back in the day, when I was 14.  MILF wasn't a term then.......

Tue, 03/26/2013 - 10:35 | 3376667 DeadFred
DeadFred's picture

Don't spoil our cherished memories youngster!

Tue, 03/26/2013 - 10:53 | 3376820 Hobbleknee
Hobbleknee's picture

Hope I look that good when I'm 80.  I'd still totally hit it.

Tue, 03/26/2013 - 11:39 | 3377218 GeezerGeek
GeezerGeek's picture

Still better than Nazi Pelosi.

Tue, 03/26/2013 - 10:15 | 3376552 Cursive
Cursive's picture

Zee tranzmizzion devize iz brokenz.

Tue, 03/26/2013 - 10:14 | 3376553 Pairadimes
Pairadimes's picture

These kinds of things used to have an influence on the markets. Not now.

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