The problem is that New Home prices have topped out. They have marked them up so heavily that we are back to 2006 levels. Existing homes have jumped 20 to 30% easily YOY in distressed areas and over 1% overall in the country. That is called bubble prices and are not normal and caused by the selling of distressed homes to investment groups like Blackstone etc. and the other element is the banks not releasing homes that are in foreclosure. There are currently 1.6 million homes in some type of foreclosure. The existing home markets have not gotten to 2006 pricing levels, so that is where the market is right now. There will not be any construction jobs started with existing homes, so employment will not be increased with the inventory of existing homes. The other issue is the amount of full time jobs lost last month was 250,000 and they added about the same amount of part time jobs. You cannot get a house with a part time job. As for earnings in the SPX, take away the Fed and we would be at 1200 SPX at best. The Celebration of bad news with lower GDP and higher unemployment is crazy and shows how corrupt our current government and Fed is. As long as the markets go up, the people will be silent.
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