The mainstream media parroted the NAR press release in reporting on Monday that "Pending Home Sales" hit their lowest level in the past 12 months. The report was false. It was based on seasonal adjustment, comparing monthly data which is wholly made up from arbitrary seasonal adjustment factors provided at the beginning of each year by the Commerce Department.
"Pending Home Sales" Misreported and Misconstrued
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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.