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Big Day for Housing Lies

Recs

6

May 16, 2008 – Comments (3)

Put on the hip waders today, folks, because the ignorant and/or intentionally untruthful (is it possible to be this dense?) are going to be saying this all day: "Surprising increase in housing starts."

That's a flat-out pile of garbage. It's a monthly uptick.

Scratch that, it is not even a monthly uptick because the number isn't even statistically significant. Here's the full text with the official margin of error from the release:

HOUSING STARTS

Privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,032,000. This is 8.2 percent (±14.5%)* above the revised March estimate of 954,000, but is 30.6 percent (±6.7%) below the revised April 2007 rate of 1,487,000. Single-family housing starts in April were at a rate of 692,000; this is 1.7 percent (±11.7%)* below the March figure of 704,000.  

Year over year -- the figure that matters -- housing starts are still down 31% -- well outside the 6.7% error.

Even the Wall Street Journal published this garbage headline: Housing Starts Post Surprise Rise

Jeff Bater should be ashamed of himself for igniring the statistical insignificance of the monthly and spinning the numbers this way -- or he should be upstairs pulling the beard off the Fox News editor that twisted his story to shove the truth below the fold.

 

3 Comments – Post Your Own

#1) On May 16, 2008 at 9:20 AM, TMFBent (99.82) wrote:

And speaking of people who wouldn't know the truth if it slapped them across the face, here's the latest pile of nonsense ,a "house prices will recover" and "there will be no recession" press release from the housing shills, the National Association of Realtors, and their minister of propaganda, Lawrence "Where's my 6%?" Yun.

 

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#2) On May 16, 2008 at 10:55 AM, TMFDeej (99.32) wrote:

Thanks for breaking things down for us, Seth.  I heard the housing numbers on the radio this morning and I said to myself, "This can't be right."  And made a mental note, to lokk deeper into the numbers when I had a chance.

Deej

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#3) On May 16, 2008 at 4:48 PM, AntiRL (< 20) wrote:

Wall Street Journal = Crappola

 Personal, very informative (like reading people Mag about celebrities).  But not a source for me for good stock picks.

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