Single Family Housing Recovery Still Deep in the Dumpster

The Wall Street Journal claimed in its PR release on housing starts last week that single family starts rose 8.1% in September to 783,000. This is what I call the headline or top line number. It the seasonally adjusted (SA), annualized, impressionistic representation that economists and statisticians have cooked up to depict the trend. For some reason economists seem unable to analyze and understand the actual data before massaging it.

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