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Post Governmentus Interruptus, Housing Market Sags- Professional Edition

The Mortgage Bankers’ Ass. is closed this week, hence there was no release of the Mortgage Applications Index, the best real time housing demand indicator. However, this week we do have the lagged data from the worst housing indicator in the world, Case Shiller, as well as the almost-as-stupid Pending Home Sales Index from the NAR due to its being reported on a seasonally adjusted fudge pack basis. Once again, the actual numbers were down but the fudge pack was up. The important factor here is that because of the collapse to rock bottom levels in late summer ahead of the usual seasonal drop, the seasonally adjusted data is useless. The reality is that this month’s number stunk.

The housing Case Chiller finally showed some negativity, but it’s so far behind the curve that it is useless. Listing prices as of December 27 were down nearly 12% since July. The Case Shiller shows a monthly decline of 1%. That’s enough to get the mainstream pundits’ antennae up. They are beginning to worry about a “double dip” in housing. Double Dip my ass. This is just a return to trend after a period of governmentus interruptus.

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2 Comments

  1. Daniel Austin

    Hi,

    In the future, can I ask you not to include quite so many childish bodily function references in your text? I can’t imagine paying money to someone for commentary in such poor taste. It negatively impacts my perceptions of your professionalism.

    Regards,

    D-

  2. Lee Adler

    Considering what the mortgage bankers have done to us, I think I was being kind. They are lower than child molesters, yet not one mortgage banking executive is in jail.

    The problem with this society is that not enough people are angry enough. Where’s the righteous indignation? Can somebody tell me why 100,000 Wall Street mortgage bankers aren’t in jail getting what they gave us? Where’s the justice? Where’s the rage? No, instead we have people who are concerned with childish references to bodily functions. You want to know what’s wrong with this country? Nobody has their priorities straight.

    I’m looking for people who share my righteous indignation and aren’t offended by my references to bodily functions in that context. If you are one of them, please join me. If you aren’t, move along, there’s nothing for you to see here.

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