‘Huge Distortion’ — Mish’s Comments on U.S. ‘Residential Home Sales’ Numbers

Mike Shedlock (see this specific blog entry) has questions about these numbers:

His comments (bolding added by EleBlog) nclude:

Take a good look at that last line. The surge in new homes is entirely in the Midwest. Didn’t the Northeast have bad weather? Perhaps the bad weather lingered on in the Northeast. Alternatively, perhaps the Midwest was the most undervalued area.

Regardless of reason, this huge distortion should not inspire much national confidence.

AND – of importance:

Because of the wide deviation from norm, the census bureau does not have much confidence in the Midwest number. Again, for whatever reason, the Midwest was unusual to say the least. But don’t expect most of mainstream media to offer these kind of cautions, and certainly don’t expect them to do anything but cheer the increase in sales while also assuming a one-month change in one region translates into a trend change for the country.

 

 

Source: http://electricalcontractor.com/?p=14359

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