New Home Sales Drop 16.7% in June
By Mark Noonan on Obama Depression
What’s that, you say? Didn’t I see a news report somewhere today saying that new home sales rose by 24% in June?
Yes, you did – but while that was technically not a lie, it certainly wasn’t anything like the truth. You see, while new home sales rose from May of 2010 to June of 2010, they dropped from June of 2009 to June of 2010 – and that is the only important measure: year over year.
But even that doesn’t tell the whole tale – part of the reason there was a “rise” in new home sales in June is because May’s numbers were so abysmally low. Lower, indeed, than any time since 1963 – and way the heck back then, there were 110 million fewer Americans. In other words, a completely catastrophic month for new home sales.
And yet it gets even worse – the number for May was a downward revision, and April’s numbers were also revised downwards. We can fully expect further downward revisions to the numbers for May and June.
Boiled down, the way the report was presented was a clear attempt at propaganda – an essentially dishonest presentation of information designed to elicit a response desired by the purveyors of the information. In this case, it was the government putting it out and what Rush so aptly calls the State-run media which then ran with it. But the truth of the matter is that we’re in a housing Depression, and that will soon spread to the entire economy (a very large amount of our economic activity is tied to the building and purchase of homes…for instance, people tend to only buy a ‘fridge when they get a new home, etc).
Bad times coming – but mostly for the elites who got us in to this mess.
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