(Before It's News)
I’m going to have to throw a flag on the existing home sales report for November published today by the National Association of Realtors.
The NAR would have us believe that home sales occurred in November at 5.6mm annualized rate for the month, up 15.4% from November 2015 and up .7% from October.
I will point out that, of course, the orignal report for October was revised lower.
But who pays attention to those details?
Take a look at this graphic sourced from Zerohedge which shows existing home sales plotted vs mortgage applications back to 2013: