The headline number for the NAR's existing home sales report increased 0.7% in November to of 5.61 million. That's an annualized figure based on the seasonally manipulated (SA) monthly rate. Whatever error is included in the monthly number is magnified by 12. The SA number sometimes represents the actual trend more or less accurately, and sometimes it doesn't. It's impossible to know at the time of the initial release whether the number is a fair portrayal of reality.
House Sale Closings Spike On Last Hurrah at Mortgage Party, Hangover Next
You need to login to view this content.
David Stockman’s Contra Corner isn’t your typical financial tipsheet. Instead it’s an ongoing dialogue about what’s really happening in the markets… the economy… and governments… so you can understand the world around you and make better decisions for yourself.
David believes the world -- certainly the United States -- is at a great inflection point in human history. The massive credit inflation of the last three decades has reached its apogee and is now going to splatter spectacularly.
This will have lasting ramifications on how governments tax and regulate you… the type of work you and your family members will have available and what you get paid… the value of your nest egg… and all other areas comprising your quality of life.