Break out the party hats.
No, not because the regular NFL referees are back on the job, because the housing market is in full recovery. At least according to the world’s smartest economic journalists at Bloomberg, a subsidiary of the Obama campaign.
The media is becoming a laughing stock among people who have a scintilla of common sense, have tried to balance a family budget, have owned or own a business. In their efforts to influence opinion instead of reporting on opinion, at least the media provides some daily humor to those living in the real world.
All one need do is Google new home sales August 2012 to gain a clear picture of the health of the housing market. Let’s take a look at the top three to appear on our search.
From The New York Times: “New-Home Sales Slipped in August”. Now that doesn’t seem to indicate a recovery in the housing market, but to their credit the Times did write:
” New-home sales edged down to a seasonally adjusted annual rate of 373,000 in August, a dip of 0.3 percent from July’s revised rate of 374,000, the Commerce Department said Wednesday. That had been the fastest pace since April 2010 when government tax credits were bolstering sales.”
The inference? Sales haven’t been this good since the solution to all man’s ills, government, was bribing home buyers with free taxpayer money. Wonder where that money came from? You, China, or Bernanke’s printing press?
Up second on our search Bloomberg: “Sales of New Homes Hover Near Two Year High”. Now that headline sounds like we’re on the way to recovery especially when Bloomberg writes:
” Purchases of new U.S. homes hovered in August near a two-year high, adding to signs that the housing market is on the way to recovery.”
Adding to signs? What signs may we ask? “Builders are a little more optimistic about future sales and buyer traffic and the mortgage environment is favorable,” said Anika Khan, an economist at Wells Fargo Securities LLC in Charlotte, North Carolina. “New homes sales will continue to improve over the next few months and in the coming year.”
Well golly gee we’re on the road to recovery because builders are a little more optimistic. A lot like the sailors after the Indianapolis sank who were on the inner circle while those on the perimeter were being attacked by sharks.