While we are in fact entangled in a global economy, the blowhards in the mainstream media like to shrug off any disruptions such as Europe, Greece, China, emerging markets, etc. as not having any impact on the seven-year-old recovery & robust growth here in the US.
They like to point to concocted manipulations as evidence of recovery, strength and growth. All illusions. We’ve covered extensively how not counting 93-plus million Americans out of the work force help formulate their fake employment numbers.
Another false recovery they like to whip up and highlight is the nonexistent “Housing Recovery”. Below, compliments of ZeroHedge is how they do it.
If you are really looking, here a couple points to remember. Despite the lowest interest rates in the history of fiat money mortgage applications remain sickeningly low. Also many foreclosed and underwater homes are held off the market, resulting in what the clowns on CNBS like to refer to as a shortage of available homes. Could it be that if these homes were brought to market prices would correct and more air would be let out of the bubble?
So who’s buying? Who pays all-cash?
Existing Home Sales Extrapolation Surges To Highest Since Feb 2007
By the miracle of NAR extrapolation and seasonal adjustment, the SAAR Existing Home Sales data just printed 5.59mm units – the highest since Feb 2007. Sales were dominated by increases in The West and The South with The Northeast falling. We have two questions for NAR – where are the buyers coming from… and how long is this sustainable?
What’s wrong with this picture?
Some other data from the NAR: median prices.
Where the sales were:
Months of Supply
What were the prevailing home prices:
And sales change by price bucket:
In other words, a whole of all-cash purchases in… the South. Sure. And for more comedy here is a brief history of the NAR’s spin, fabrication and outright manipulation of all housing data it can get its hands on.
• source: zerohedge.com