from Wolf Street:
The Commerce Department reported another miracle on Friday. Or rather a mirage. In September, new home sales edged up 0.2% from August to a seasonally adjusted annual rate of 467,000 units. This isn’t a huge number, compared to the crazy days of Housing Bubble 1, but it was a 6-year high! And the media went gaga over it.
So, new home sales in August were initially reported to have been 504,000. Also a 6-year high or something. But these numbers have elephantine margins of error. Big revisions are common. And on Friday, the Commerce Department chopped that number down to 466,000 – which September beat by a barely visible 1,000 units.
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