A Quick Note on Today’s Existing Home Sales Report

(Before It's News)

by David Kranzler
Investment Research Dynamics

What about the biggest rise in existing home sales on record in December? These guys are offending my sensibilities. By virtue of all the fake statistics and bogus market action, there has to be something seriously wrong right now. – John Embry email to IRD

Existing home sales are based on a sample estimate of contract closings. The actual “sale” took place when the contract was signed 30-45 days ago. The headline report is based on a “seasonally adjusted annualized rate.” The big farce about statistics, away from the obvious fact that “seasonal adjustments” are a polite way to say “statistically manipulated,” is that the metrics reported in terms of percentage changes can make an economic report sound a lot better than the underlying reality.

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