Long time readers know that I believe the National Association of Realtors reporting and analysis of the housing market is a joke, or it would be if the impact on the lives of those who listened to them were not so tragic. Turns out that their sales data was extremely inflated. Ya Think?
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The only economic release today is that the Mortgage Bankers Association reports that mortgage applications bounced back after Thanksgiving, up 12.8% last week. Purchases were up 8.3%, and refinance applications rose 15.3%.
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The Chicago Fed National Activity Index rose to -0.13, indicating that economic growth, while improving, is still below trend. Existing home sales rose 1.4 percent in October to a 4.97 million annual rate. Sales are up 13.5% on a year-over-year basis.
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GDP Revision, Initial Claims, Pending Home Sales, Corporate Profits revision, Consumer Comfort Index, Kansas City Fed Manufacturing Index...
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Here is a nice collection of charts based on Robert Shiller’s data. First, the really long term: For those who haven’t been here before the housing category and tag has lots more on the bubble. My thoughts on the latest data, and that in reality this is long term a good thing, can be...
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