Following Existing Home Sales sudden collapse catch down to reality [4] (blamed on new paperwork timing), New Home Sales in November printed 490k SAAR (missing expectations of 505k). Historical revisions enabled a 'rise' MoM but we note that new home sales in The Northeast crashed 28.6% (after a huge spike in October) while The West saw sales rise 20.5% MoM (seriously!!??).
And then of course there is 'Homebuilder Optimism' which remains near its 2004/5 peak in terms of cognitive bias.
One of these things is not like the other...
[5]
Because, as Sinclair put, "it is difficult to get a man to understand
something, when his salary depends on his not understanding it."
Charts: Bloomberg
