Ready For A Housing 'Surprise'?

February 24, 2017

Genuinely meaningful economic data from mainstream news sources is as rare as a transparent pronouncement from the wizards and charlatans at the Fed. Friday will provide an exception, however, since very meaningful new-home-sales figures for January are slated for release. The consensus expects a strong rebound from December’s miserable 536,000 (annualized); a 7.5% increase to 576,000 is anticipated. This strikes me as just a tad optimistic, since home prices and mortgage rates have risen significantly in recent months. If I am right and the numbers elicit disappointment or even shock on Wall Street, just remember that those doing the estimating live to please masters who get paid princely sums for throwing Other People's Money at stocks. Most of these geniuses couldn’t hold down CETA jobs if it were honest work that were required of them.

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