Wednesday, February 22, 2012 10:56:54 AM
<ZH>NAR Continues Tradition Of Making Mockery Of Itself, Revises December Home Sales From +5% to -0.5%
Submitted by Tyler Durden on 02/22/2012 10:13 -0500
Consumer ConfidenceLIBORMarket ConditionsReal estaterecovery
And here is yet another reason why we will permanently ignore the pathologically lying real estate syndicate known as the NAR (link): December data was just revised from +5% to -0.5% (from 4.61 million to 4.38 million). Since December market expectations were for a +5.2% print, imagine the sheer horror the algos would have been faced with had the real number been reported on time. Anyone who trades anything based on this borderline criminal self-reporting enterprise needs to have their head checked. In other news, when will the LIBOR investigation finally target the NAR?
And for feces and giggles, here is the one, the only, NAR mastermind Larry Yun.
Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”
NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said more buyers are expected to take advantage of market conditions this year. “The American dream of homeownership is alive and well. We have a large pent-up demand, and household formation is likely to return to normal as the job market steadily improves,” he said. “More buyers coming into the market mean additional benefits for the overall economy. When people buy homes, they stimulate a lot of related goods and services.”
Submitted by Tyler Durden on 02/22/2012 10:13 -0500
Consumer ConfidenceLIBORMarket ConditionsReal estaterecovery
And here is yet another reason why we will permanently ignore the pathologically lying real estate syndicate known as the NAR (link): December data was just revised from +5% to -0.5% (from 4.61 million to 4.38 million). Since December market expectations were for a +5.2% print, imagine the sheer horror the algos would have been faced with had the real number been reported on time. Anyone who trades anything based on this borderline criminal self-reporting enterprise needs to have their head checked. In other news, when will the LIBOR investigation finally target the NAR?
And for feces and giggles, here is the one, the only, NAR mastermind Larry Yun.
Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”
NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said more buyers are expected to take advantage of market conditions this year. “The American dream of homeownership is alive and well. We have a large pent-up demand, and household formation is likely to return to normal as the job market steadily improves,” he said. “More buyers coming into the market mean additional benefits for the overall economy. When people buy homes, they stimulate a lot of related goods and services.”
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