Thursday, January 27, 2011

More Orwellian "Spin" From The Nat'l Association Of Realtors

The "pending" home sales index was reported to be up 2.2% in December from a downwardly revised November reading.  If you calculate the increase from the original number reported, the gain is only 1.6%. Here's the report:  More NAR LIES.  If you assume they'll end up revising down the December reading, there was likely no gain.  If you assume that mortgage purchase applications filed on a weekly basis is an even better indicator, it is likely that "pending" home sales declined, especially given that the index is based on "contracts," not closings.  While I haven't paid attention to cancellations for awhile, that metric is likely running around at least 10%. 

The chief economist for the NAR cited a stronger economy, improving labor market and better "affordability" as the reasons for the gain, which I have shown was likely a decline.  He also cites "super low" default rates on mortgages.  This is either an intentional lie or complete ignorance.  Foreclosures were up 2% in 2010 from 2009 and that included the foreclosure moratorium by the banks in late 2010.  2011 is projected to have record foreclosures. Wonder what reality he lives in if he really believes that garbage coming from his vocal chords...Lawrence, the golden truth will set you free.


  1. As far as I'm concerned just an extension of the fraud. If fraud is the system and the powers that be have done everything to make it the model...then gold is the inverse of that fraud....and why the fraudsters will do everything they can to create disdain for it and why it head higher.

    If lies were bile most of our regulators would choke as soon as they opened their mouths!

    Oligarchy Becomes Anarchy

    Power is all about access, and evidence shows where the current power resides. National governments in full collusion and cooperation with gigantic international financial corporations, have opened the floodgates of access to the “little people’s” wealth through bailouts, Fed policy, and quantitative easing, and clanged shut the castle door of the financial elite by allowing them to establish the value of thei r own assets and to concoct, rate, and sell almost any financial asset or instrument with no accountability, transparency, or enforcement.

    The Big Squeeze: Predicting the Effects of Savings Extortion and Abuse of the Middle Class

  2. LOL. You just paraphrased one of the epic speeches in "Atlas Shrugged" by Francisco d'Anconia!

  3. NAR's numbers are almost as bogus as BLM's unemployment stats. What a crock of shiite!!

    Jobless Claims: 454,000 - Stagflation Baby (Confirmed By Durable Goods)

    Submitted by Tyler Durden on 01/27/2011 08:30 -0500

    Expectation of 405,000... Print: 454,000! Worst print in forever (well, October). The BLS calls it a "weather related backlog." Read - snow. Call it what it is - Stagflation, baby. Non-seasonally adjusted number came at 482,399, as 161,913 people fell off extended benefits. Continuing claims: 3,991K on expectations of 3,873K. And just to complete the stagflationary picture, durable goods decreased by 2.5% on expectations of plus 1.5%. "This decrease, down four of the last five months, followed a 0.1 percent November decrease. Excluding transportation, new orders increased 0.5 percent. Excluding defense, new orders decreased 2.5 percent."

  4. LOL. Dunno if you saw this JP:

  5. NAR motto:
    "It's always a great time to buy or sell real estate and give us a 7% commision! What you waiting for?"