Following last month's surge to record high home prices [4], it is perhaps no surprise that for the 6th month in a row, home prices have been revised lower. New Home Sales printed 438k, down from prior revised lower 445k and missing expectations of a surge to 460k... missing for 8 of the last 10 months. However, the key focus should be on the epic revisions of the (by now useless) home sales. For the period May - November, the initial new home sales prints amount to 2.779MM houses. Post revision, the number plunges by 22% to 2.168K. There goes the housing pillar of recovery (let's hope economists are wrong and rates don't rise next year eh?)
Spot the recovery...
[5]
8th miss in 10 months..
[6]
As average home prices plunge...
[7]
And revisions smash the recovery meme...
[8]
Revisions, simply put, slash 22% off the previously released home sales data!!!
Charts: Bloomberg
