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Biz Media: Lying, Ignorant, or Just Plain Stupid?

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October 27, 2008 – Comments (9)

Read the headlines on "new home sales increase" and then refer to the real press release, and you'll have your answer.

NEW RESIDENTIAL SALES IN SEPTEMBER 2008
Sales of new one-family houses in September 2008 were at a seasonally adjusted annual rate of 464,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 2.7 percent (±12.1%)* above the revised August rate of 452,000, but is 33.1 percent (±8.9%) below the September 2007 estimate of 694,000.

Martin Crutsinger, pull your head out, review your basics, and read the freakin' footnotes, for crying out loud!

 

9 Comments – Post Your Own

#1) On October 27, 2008 at 3:18 PM, DemonDoug (91.30) wrote:

Willful ignorance = purposeful lying IMO.  These reports have been coming out for over 2 years now of the housing bust, and any little thing is "great news."  It's just ignorant cheerleading in support of their advertisers.

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#2) On October 27, 2008 at 3:48 PM, Tastylunch (29.50) wrote:

All of the above?

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#3) On October 27, 2008 at 4:17 PM, TDRH (99.75) wrote:

People do not read below the headlines and the NAHB spins off of it.

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#4) On October 27, 2008 at 4:20 PM, leohaas (35.01) wrote:

Lazy. They just eat whatever the spinmeister chews up for them!

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#5) On October 27, 2008 at 4:21 PM, outoffocus (23.71) wrote:

last time i check new homes were still overpriced.  I dont see how new home sales could go up when you see sign for new homes from the "low $600s".

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#6) On October 27, 2008 at 4:22 PM, lquadland10 (< 20) wrote:

Enron accounting applied here in housing. 3 + 5 = 35

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#7) On October 27, 2008 at 4:35 PM, TheGarcipian (53.96) wrote:

I love that footnote:

"The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero."

Well, I do! Unfortunately, it's locked up in my head and I can't seem to pry it out unless someone offers me a healthy subscription price...  :-)

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#8) On October 27, 2008 at 5:17 PM, russiangambit (29.45) wrote:

My vote is for lying.

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#9) On October 27, 2008 at 6:39 PM, johnw106 (57.95) wrote:

I just look around my hood. New homes that were springing up by the dozens in new subdivisions early last year are all empty. No one in their right mind is going to pay 300 grand for a 100 grand house without the voodoo financing that you can no longer get.

The few new homes that have been built are on private land. Exsisting home sales that are not part of a overpriced subdivision are up a bit though. Rent has come down which is good.

This is another case of idiots pretending to know what they are talking about. Sadly too many people follow the talking heads-who-know-nothing instead of using common sense.

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