The NAR reported the misnamed "Existing Home Sales" on Wednesday. Yes, they are existing homes. No, the data doesn't report sales. The report shows prior sales contracts that closed during the month. The data should rightly be called, "Closings of Previously Sold Homes." All parties to the sale, the buyer, the seller, and the agent recognize the contract as the sale. That's when the SOLD sign goes up. The closing is a formality 95% of the time.
NAR Uses Statistical Trick To Show Annual Increase Declining Sale Closings
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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.