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Seriously, what a bunch of dicks.
No big deal..
The government can make up for all of that with new Section 8 subsidized units.
I hear FEMA needs new gated communities, too.
EMPIRES NEED BUBBLES.
"Housing is one big lie" ?????
America is one big lie!
Reality has been Hyper-Hypothecated!
Economic forecasts are one big lie.
Anybody that's ever dealt with a realtor knows they are full of shit. If lies are generated from the head of the organization, then the entire thing is rotten.
Commissioned sales people have no skin in the game. They tax every transaction and it is totally unnecessary.
During the boom the houses were selling themselves. I never did get why they were getting a cut.
So America could employ retarded people.
The revision wasn't large enough, they are still overstating. I wouldn't be surprised to see some additional "stealth" revisions in future releases that pares the numbers back further.
When you consider the numerous, important "headwinds" facing housing you'll realize except for certain specific, small areas (including the inevitable government subsidized areas), housing will not recover for a generation.
Tune NAR out. Or pay the consequences.
Nice, it took them 4 years to figure this out. Also, at least we know now that the S&P500 is probably at least 15% overvalued here as well but not sure when people will come to this realization.
The National Association of Realtors should be prosecuted under the RICO Act.
Their job was to create a bidding war.
Perkin's book was an eye opener for me. Clear an dconcise and very descriptive.
Another excellent read is anyhting by Greider but this is a favorite:
INFORMAL & ANECDOTAL PART (skip this is you're not into anecdotes): So, along this theme (the NAR scam), I'm out shopping for a few last minute things and noticed that the stores are, without a scintilla of a doubt the LEAST crowded I've ever seen.
I hate shopping. It's a guy thing. I mean, I REALLY hate it. But there I am, every year around Christmas, fighting the traffic and all those headaches and bullshit, because one can't be a total jerk and not buy gifts for people, right? And then here I am this year, doing the same thing (picking up tools and some things for myself mainly as I see 90% clearances on some actual quality tools, etc.) this year, and there's so little traffic that it is literally as if it isn't even Christmas time.
So, I start talking to some of the cashiers at various stores, and while I'm talking to this cashier at Home Depot, this manager who I happen to know because one of his older relatives was a client of mine (before passing away two years ago - super nice person) comes up and wishes me 'Happy Holidays' (he could have said 'Christmas', this 'Holidays' thing is and has been waaaay too PC), and we start to talk. Well, it turns out that he pulls me to side (there's no one in line behind me), sort of away from the cashier and starts talking out the side of his mouth, you know, like he was trying to keep the cashier from hearing, and he tells me this economy sucks, this is the worse traffic they've ever had since he's been with HD, they're getting all kinds of weird signals from management, yada yada.
It wasn't just Home Depot, either. It was everywhere I went, including other Big Box stores and the lifestyle malls - everywhere.
Anyways. I do believe Brick & Mortar is going to suck wind when the revisionary sales, post-cnBSc shaftwork & babblecock by Michelle Big-Caboosa Cabrera announced in a part masculine-trying to be lusty voice, come in.
But maybe if retailers and etailers sell enough loss-leading merchandise, by taking the volume approach (and really, if no one is buying at higher prices due to Bernankeconomics - whereby people cut spending out of necessity unless they can buy things at incredibly low price points, because they're getting reamed so badly by inflation in non-discretionary areas and a shitty economy and wage growth/shrinkage/non-existence - what choice do the retailers and etailers have?) they can do well this season /snark/.
I would not doubt for a second that we've been living in a time period, during the last 3 1/2 years, whereby we are witnessing the biggest gap between what the government agencies that report economic data and the non-Federal Reserveless non-Bank have told us & what the reality has been IN MOST OF OUR LIFETIMES.
Think about the housing sales data revisions; just that...by itself. Let's not even delve into retail sales, bank data, etc.
If the NAR has this big of a revision, then who knows whether it's even close to being accurate, and if it's not accurate, it's probably still fluffed to the high side.
But even if it is in the general vicinity of being accurate, what does this revision mean in terms of economic activity as measured by $$$ that were reported to have taken place for x number of years, but in reality was all an illiusion - a mirage - a genuine Matrix Data Set?
Who traded off this massive falsehood? What repercussions were there and what repercussions are still to come from this massive, in terms of economic/monetary revision, and what further discrepancies on housing sales data or other data pertaining to other categories are there and will there be, whether reported or not?
It's all a sick, twisted, f*cking joke at this point.
This one single revision of housing data represents hundreds of billions of dollars (closing in on the big trillion USD mark) of fake GDP, that was reported in many ways and through many conduits, leading to reliance, actions, etc., but it was all a lie.
Anyways, Merry Christmas. It's always a great time to buy a house™.
Since there are no apparent consequences these days to collossal screw ups...let me just add a zero to my net worth..,oops! I'll leave that for 4 years and deal with it then...oh now I've just forgotten what I was talking about. I don't know what you're referencing...what does what mean? I take the fifth..what?? An entire billion is missing? I'm not sure what that is...
reply to TRUTH in SUNSHINE: many are too broke to shop & the rest are sic to death of the entire scam. many (like me & a few of my friends & family) are DELIBERATELY withholding our money from the scam economy. many (like me & a few of my friends & family) are DELIBERATELY hoarding cash, silver & gold & food & NOT handing money to big box stores. the tide has turned; any money i spend is local & on necessities only ......... it's over, it's so damn over.
Yeah, we were in a couple of different Best Buy stores in a real affluent neighborhood and the sales reps were think as fleas on a dirty dog the first of Dec.
Last weekend , other than the Iphone/ipod section you could not find one of them , I assume they were all cut back as the sales were done.
You couldn't get into the parking log of the 2 different Dollar Stores we drove past!
Dollar Stores are the fastest growing retailers in Amerika.
Dollar Stores = New Target/Wal-Mart
Target/Wal-Mart = New Macy's
One of the sharpest guys in retail, EVER, IMO, Howard Davidowitz, just tells it like it is (brilliant call on Dollar Stores for years now, too):
One of the 3 or 4 I will give a read.
That makes my day
Good God. Dollar Stores are the most depressing thing in the world.
The big pre Xmas sales started in October to pull forward sales in the chase for expected limited dollars. I guess it is only natural that the post Xmas sales are pulled forward to before Xmas to bump year end. Margin is going to get crushed.
If the truth be known, the data manipulation goes all the way back to the 70's where is was more subtle and easier to get away with. I first started noticiing this as an analyst back then. it gathered steram in the 80's and has gone viral since. Check out John Williams's ShadowStats web site as he is more on top of this than any of the street shills. Perception is reality for the markets until reality becomes so real that the market cannot deny. We are at that point now and staring at the cliff we are about to fall over. Our entire society has become one big lie, and we are about to see what life is like in a dictatorship/police state. Think Russian or French revolution...
AND AND this was all during one of (until bush/bama bullcrap bailouts and fed of the world scams) the biggest "free money fog a mirror get a house" scam in the known universe.
Ans still the numbers , if you ever beleived them, were terrible.
Yep, the futures so bright I gotta wear those Nar-tinted shades baby.
Great book. Describes the way that third world countries are caught in the debt web.
Soon to be played out over and over again in the former 1st world countries.
Read this as well. Its much shorter. ;)
Bubbles Bernanke does have a ring to it. Perhaps the title "Chairman of the fed" could be changed to "Bubbler Rex".
Empires need lies. Everything is a lie.
I hear another bull rally when this shit hits Wall Street. More bail outs on the way.
Gues we now know what NAR stands for
Numbers Aren't Real
National Association of Realtors are nothing but liars. You hear their ads all the time 'NOW is the best time to buy a house EVER' and all that....they dont care that prices are likely to fall another 25%, they need to generate commissions for their association members, meaning NAR is the LAST people to take any advice from.
Why the big fuzz? It's just a little rounding error of 14%....
Sometimes my dick is 18 inches in erection state, and sometimes it's only 16 inches.
It all depends if there's a lapdance included or not... and the size of the tits also count.
I don't care. As long as I get the booty.
Next time Mrs. Rainman catches me lying, I'll blame it on 'rebenchmarking'
Silly me..... I thought that was your ARMS swinging around!!!!
I'm waiting for the CPI revisions
Odd...now I know why the high school they "just had to build" 3 years ago for 15 million $ right down the street from me thinking it would be at maximum capacity is at less than half full.
Thank you NAR, local govt, natl govt, state govt, fannie mae, freddie mac, and all the other fuckers out there for creating this mess.
Now if only the band could muster more than 10 members for the football games...
Tsar Pointless, LOLing in his cubichell.
Please favor us with some editing. The above should read "CNBS headline:".
missed estimates by 600,000 but hey, still 4% better than last months number, which was revised down by 700k!
And 2007 through 2010 was only revised down by 3,000,000 home sales!
Office of Comptroller of Currency-home foreclosures surge 21% in Q3 2011. So even if true (lol) the amount of foreclosures is rising 17% more than sales. Oop.
Doesn't all forecast have to be revised now??
What role do the existing home sales play in the GDP ? what is the weightage if any attached to this component ?
Maybe the formula will have to be changed yet again so things look rosy again ?
Residential Fixed Investment represented 2.3% of GDP in 2010. With the continuing housing depression, I suspect that number is no higher -- indeed, perhaps lower -- for 2011.
I see downgrade coming
and these new numbers are how accurate? or is there a chance of error + or - 100%?
Do you really think there is any reason to be skeptical? You don't think they would LIE to us now......do you? I guess that troll was right... We are a bunch of gloom and doomers here at ZH!!!!!
After this adjustment, how does this line up with the MBA Purchase Apps?
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