[mEDITate-OR:
not see that the numbers don't add up...
Below are the CR article that show U.S. the latest housing numbers for March.
But, as Jim @ CR points out there is something rotten in them.
That last article/chart shows U.S. a plausible explanation as to why.
The problem is that the RE collapse skewed the numbers, badly.
And, then we created two false markets...
with the 1st Home Buyer Tax Credit ending in November.
and
with the 2nd Home Buyer Tax Credit is ending this month.
Bluntly, the "seasonal adjustments" did not and DO not take these false markets factors into them.
This is precisely the same problem that we had, and continue to have, in the jobless rates.
Never having had that many long-term unemployed, we have never SEEN so many drop out of the labor force.
We simply do not count, bcuz they do not count, those who have quit looking.
And, as Jim @CR point out for U.S...
we have never seen a "shadow inventory" of home for sale, but not "for sale", this large before.
Not only are they not "listed" in the MLS..., they are NOT being counted, anywhere.
Remember, at the beginning of this RE mess...
we contacted NAR's economist Yun to inquire about why they were not including "foreclosure" sales.
As he admitted, they have never been important before.
After suggesting to him that he look at the AZ numbers...
as well as the rest of the Sand States = Cal, Nev & Fla
bcuz, whether he thought it was important or not, foreclosure sales WERE driving these markets - DOWN.
That was then, the rest is history.
And, as Eldon Rodgers always pointed out to U.S.:
"If you are ever right..., never, ever let them forget it!"
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