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New Home Sales Miss, August Drastically Revised Lower
Having exploded 18% higher in August (driven by, um, record high prices), September's new home sales printed at 467k (against expectations of 470k) and August's surge to 504k was revised lower to just 466k (busting the biggest beat since 2005 meme) revised 7.5% lower. After August's reported 50% MoM rise in The West, the region saw the rate of sales slow in September. The median new home sales price (at record highs last month) fell 4% YoY to $259,000.
New Home Sales Missed...
Last month, New home sales rose the most since 1992... and there was much rejoicing...
and now that has been drastically revised lower to a 10% jump in August and a drop in July - one wonders if the gains in homebuilder stocks will also be relinquished.
Either NAHB sentiment has to plunge (as it has done the previous two times) or home sales magically surge back to bubblicious levels...
You Decide...
Charts: Bloomberg
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‘Calibration error’ changes GOP votes to Dem in Illinois county | Fox News
Funny, I didn't even know these stats were subject to revision. So... these numbers are going to work like the jobs numbers I guess, always hiding the bad news in the past, while making the current BS look better.
Oh... Crap.
I saw "Miss August" at a glance & clicked this,expecting to see a nice, hot tart.
Just more fake, but accurate gubberment stats.
Nothing to see here.
The winner has already been chosen, the only game is to figure out a way to keep the sheeple fooled into thinking they actually have a say so in any of it.
Had to ding you for thinking this was important enough to threadjack.
Voting?
lulz.
pods
The only item of note is that was the lack of specificity of whether the "incorrect calibration" was intentional or not.
Plausible deniability, FTMFW!
If voting mattered they wouldn't have to rig it. Therefore it matters to someone.
If voting mattered they wouldn't have to rig it. Therefore it matters to someone.
dow to 20k
WHAAAAHHHH!!
MOAR QE! MOAR QE!!
WHAAAAAHHHH!!
who the fuck is buying or can afford to buy ?????
You'll need to rewrite that question in Mandarin to get an answer.
Mandarin is a group of related varieties of Chinese spoken across most of northern and southwestern China.
So here we go -
Shuí t? m? de shì gòum?i háishì k?y? m?i dé q??????i demand answer
It's all gook to me. I don't care who is buying where.... all I want to know is how is the price of a thai-massage w/ happy ending ? My guess is that it correlates with house prices so we could just stop doing all this tedious research and trying to learn gook and just go to get a massage regularly.
Please, QE/ZIRP has/is doing precisely what your owners what it to do. Look at where wealth has concentrated, the data is very clear on this. QE/ZIRP is working perfectly.
Foriegn investors are looking at the dubious choice between buying metals (where allowed), buying real estate in their local markets, investing in local or western equity markets, or buying real estate in the US. Without their support this US bubble would have already popped!
Domestic Investors are sitting on the sidelines right now (the bubble is just too big and you can't quite see through it). Only those folks who really need to move are buying. Folks like relocations for employment, retirement downsizing, consolddating of families into one house, and of course the preppers getting their bug-out set up. Unlike when their parents were their ages, young couples and singles today are holding tight and not buying homes. They are alternatively stacking cash or living in mom's basement depending upon their employment situation. They don't quite trust US.
Only the Banksters are buying up right now (wonder why the DC and NYC markets remain up?). Every one else can see the blinking lights on the panel that read:
"pull handle to eject".
Well said, the nonbuyer cohort gets a year older every twelve months. Let the NAR try to spin that.
Haven't priced anything recently, but farm land has to be dropping like a rock.
The land jockeys have some interesting conversations coming up with their lenders, mondo pronto.
I'm going to start hitting the street to find out. A bunch of 500-700k neighborhoods going up in my area while I just spoke with a lady in a well to do golfing community who was renting from someone who couldn't sell their house (would have been mid 300s). Something really f'king weird is going on that I can't really explain. Once the houses are done, I'm going to spend a weekend reading in my car and observing.
Is it a large contractor building them all? If so, I'd say it's yet another financial scheme backed by ZIRP to be packaged as MBSes to sell to all of the hot money in foreign hands.
In other words, ponzinomics.
Speaking of drastically revised lower, the ruble hit a 10-year low. How much more will the Russians take before he is strung up like Mussolini?
Don't try to catch this knife.
We need moar cash heavy Chinese" investors" to soak up all this excess inventory. God knows Americans dont have any money.
When does the 'patriotic' backlash against these Chinese begin...? Oh, the next major squabble in the East China Sea ought to provide a nice platform on which to mount yet another 'enemy' scare. Trust me, it's coming...
Nor credit.
$259,000 is a lot of money if you're not a Chosenite.
Yeah, that $1,600 a month mortgage is kind of tough on $12 an hour part-time jobs.
from market watch ....
U.S. new-home sales rise slightly in September as August sales are revised lower » U.S. new-home sales rise slightly in September as August sales are revised lower »
LOL
If the Fed fails to extend and increase QE next week, this overly financialized market is going straight into the toilet in a heartbeat.
It will be quite fascinating seeing how the Fed deftly both ends QE while increasing it, I can't wait.
Operation Twist-One-Off-In-Somebody's-Ass
It goes into the toilet if they DO go to QE4 as well. The second a QE4 is seen, the mask is yanked off the economy's "recovery" that everyone has been yakking about for the past few years.
So while no QE might be seen as bad for the markets, more QE would be an obituary announcement on our economy. Everyone will find out the fucker really IS dead.
asset prices move as a group, watch oil, it seems to be the leading indicator
I guess when those 38,000 families got "home" they discovered that the new homes didn't fit so they returned them.
Yup, 'market' starting to go up again. And no POMO today either.
Another day, another manipulation.
DavidC
ZH didn't go far enough with revisions. Prior 3 months revised LOWER.
june 419K ---> 409K
july 427K ---> 404K
august 504K ---> 466K
i bet really it was
june 419K ---> -409K
july 427K ---> -404K
august 504K ---> -466K
Did I just read that sales are essentially flat while prices dropped 9% in a single month!!? Wiping out the entire years worth of price gains!
That's not prices sinking, that's a cliff dive. Even if that number is annualized it's a horrific turnaround
Just enough so that the headline could read increase. Skillfully crafted for the 6, 10 and 11 o'clock news dopes.
Which itself will be revised even lower over the next three months.
It's hilarious that allegedly mature professionals trade on this "news."
Fakest economy, EVAR!
and in other news;
Remember those weapons we recently dropped in Iraq to help fight ISIS? Well, they found there way into the hands of ISIS! Accident or on purpose? You decide.
http://rt.com/news/197988-isis-us-weapons-video/
Dog Eater looking out for his boos.
houses are too expensive for americans
In Obamaville the new home sale is actually an apartment building unit.
Lafayette la this is what 250k will get - mexican built in 6 weeks on postage stamp lots with open ditches that was sugar cane field
http://www.vaneatonromero.com/L14255522
100% usda financing
Mexicans framing for 2.50 a foot
Man I know is a white framer with 3 others on his crew at 2.50 that does not cover his workers comp / liability insurance.
they need to figuire out where those new homes will get their water, serioulsly just guessing that taking your plans to the water board for approval might be a bit more expensive and subject to regulation that it used to be