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Strategies & Market Trends : Guidance II

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To: 2MAR$ who wrote (171)	1/28/2002 10:05:07 PM
From: SusieQ1065	Read Replies (2) of 2077

Americans continue to borrow themselves rich. With layoffs mounting and consumer debt rising to all time highs in recent months, consumers spent themselves silly on new homes in December. 946K new homes were sold last month, greater than the 925K expected, and far greater than the post 9/11 October low of 851K. The takeaway is that not even poor economic fundamentals stalled the interest rate sensitive housing sector. Though rising rates may dim the hope of yet higher sales, housing is on solid ground. Yet scant attention was paid to the "revision" of November's numbers, which went from 934K reported last month down to 895K when released this morning. Wonder what December's 946K will be revised to in January. No clue, but it is a safe bet that the numbers will not be upward. Seems the commerce department has taken to reporting "pro-forma" numbers too, and should not be trusted to mean all that they imply. ~Eric Utley

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