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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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....

Cult_of_Reason's picture

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

Cult_of_Reason's picture

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

camaro68ss's picture

Now more then ever is a better time to buy.

Trust us, we're your friends

CheapBastard's picture

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

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.

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,. 

Cult_of_Reason's picture

Your New Landlord Works on Wall Street

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

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.

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.

NihilistZero's picture

An elegantly articulated Schadenfreude fantasy :-)  Thumbs up!

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.

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.

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.


Sheep #9886551

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

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!!!!

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.

NihilistZero's picture

Liquidity.  Trap.


Game over man!  Game over! - Hudson

Cdad's picture

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

Stoploss's picture

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



That is all..

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 the white straight man.

akarc's picture

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

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.

BlueStreet's picture

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

Chuck Norris's picture

Speaking of gay, at least Obama gets another vacation.

The economy can't be THAT bad.

Dr. Engali's picture

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

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! 

Calidreaming's picture

Holy fuckin shit Bernankeman- that news be bullish! 

GolfHatesMe's picture

Like they talk to actual consumers, right

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.

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!

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.

Shizzmoney's picture


"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.


de3de8's picture

I used to not give a f--k about deviants,but when they start telling you that you have to accept f--king way.

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!"

StychoKiller's picture

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

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.


Cognitive Dissonance's picture

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

ihedgemyhedges's picture

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

ihedgemyhedges's picture

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

DeadFred's picture

Don't spoil our cherished memories youngster!

Hobbleknee's picture

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

GeezerGeek's picture

Still better than Nazi Pelosi.

Cursive's picture

Zee tranzmizzion devize iz brokenz.

Pairadimes's picture

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