More lies about Housing from the MSM

Today's headlines posited that, "New house sales in the US jumped by 11 per cent in June, providing some of the strongest evidence yet that the market has bottomed out after being savaged for three years."

Yeah! I was so over this recession, I could use a new house or two! But wait...

Floyd Norris at the NY Times looks at the numbers and tells a different story.

Somehow a headline that says “sales fall 21 percent from year-ago levels” would not sound the same as the headlines that are now running ... To put it another way, this was the second-worst June since they began counting new-home sales in 1963. It was not quite as bad as June 1982, when the country was mired in a deep recession and interest rates were sky high. Then 34,000 new homes were sold.

Norris elaborates: "There are twice as many households in America as there were then, so relative to population this was the worst June ever, by far."

Another attempt to inflate confidence in the market, where none should exist. While things are somewhat less worst than six months ago, the fundamentals remain the same with respect to national unemployment, individual debt, rising health care costs, and declining manufacturing across the USA. When the MSM and economists conspire to sell fables about the recovery, it only encourages the same short-sighted entities that originally created this mess to pursue the same infernal objectives.