Post by unlawflcombatnt on Sept 28, 2006 1:09:05 GMT -6
9-27-06
New Home Sales are on the decline. However, thanks to the government's dishonest downward revision of previous New Home Sale numbers, they managed to concoct an "increase" over the last month. In fact, until yesterday, July's New Home Sales published number was 1.072 million, making today's 1.050 million was a DECLINE in annual sales rate. However, the Bush dictatorship, like that of other dictatorships, is always equal to the challenge of inconvenient facts. They simply change them when necessary. In order to concoct an increase in this month's sales, they downwardly revised the previous month's (July's) New Home Sales a full 63,000, from 1.072 million down to 1.009 million, thus falsely claiming an "increase" in sales for the current month. However, the statistical manipulation did not stop there. The previous numbers for both June and May were also downwardly revised. June's previous sales rate was reduced 29,000, from the original 1.120 million down to 1.091 million. May's previous New Home Sales rate was also reduced 29,000, from the original 1.130 million to 1.101 million. The sum total of these downward revisions was 121,000.
Thus, in order to deceive the public about the bursting Housing Bubble, the government initially overstates New Home Sales EVERY month, and then downwardly revises them at a later date to make current numbers appear positive. However, the proof is in the pudding. In this case, pudding is the decline in year-over-year New Home Prices, which have now declined to a -1.3% change over the last year. This goes along with the -1.7% change in Existing Home prices over the last year. These price declines are EXACTLY what would be expected from declining sales, despite Right-Wing News propaganda to the contrary. Below is a link to a modified copy of Briefing.com's current New Home Sales report with the previous report superimposed under the current numbers.
(The changed numbers are underlined in red and the old numbers are in italics and parenthesis next to the current numbers.)
New Home Sales are on the decline. However, thanks to the government's dishonest downward revision of previous New Home Sale numbers, they managed to concoct an "increase" over the last month. In fact, until yesterday, July's New Home Sales published number was 1.072 million, making today's 1.050 million was a DECLINE in annual sales rate. However, the Bush dictatorship, like that of other dictatorships, is always equal to the challenge of inconvenient facts. They simply change them when necessary. In order to concoct an increase in this month's sales, they downwardly revised the previous month's (July's) New Home Sales a full 63,000, from 1.072 million down to 1.009 million, thus falsely claiming an "increase" in sales for the current month. However, the statistical manipulation did not stop there. The previous numbers for both June and May were also downwardly revised. June's previous sales rate was reduced 29,000, from the original 1.120 million down to 1.091 million. May's previous New Home Sales rate was also reduced 29,000, from the original 1.130 million to 1.101 million. The sum total of these downward revisions was 121,000.
Thus, in order to deceive the public about the bursting Housing Bubble, the government initially overstates New Home Sales EVERY month, and then downwardly revises them at a later date to make current numbers appear positive. However, the proof is in the pudding. In this case, pudding is the decline in year-over-year New Home Prices, which have now declined to a -1.3% change over the last year. This goes along with the -1.7% change in Existing Home prices over the last year. These price declines are EXACTLY what would be expected from declining sales, despite Right-Wing News propaganda to the contrary. Below is a link to a modified copy of Briefing.com's current New Home Sales report with the previous report superimposed under the current numbers.
(The changed numbers are underlined in red and the old numbers are in italics and parenthesis next to the current numbers.)