New Home Sales Fell 41% in February. They DID NOT Increase.
RGE: The parade of the mathematically innumerate business writers continue to misread data. The latest evidence? New Home Sales.
After incorrectly reporting the Existing Home Sales, the mainstream media misread the Census department report of New Homes.
No, New Home Sales data did not improve. In fact, they were not only not positive, they were actually horrific. The year over year number was a terrible down 41%. Sales from this same period a year ago have nearly been halved.
Why did the media report this as positive? If you only read the headline number, you saw a positive datapoint: February was plus 4.7% over January.
Now the really funny stuff is going to start. Having failed to arrest the landslide of economy failures the government has now decided to manipulate the numbers to spin a rosey picture. And once again the fifth estate is buying in lock, stock and barrel. Listen folks, you don’t go from near total collapse to almost 5% gorwth in 30 days. Please, if you believe that I’ll show where the WMDs are in Iraq.