Here are Karl Denninger’s thoughts on the housing numbers that rallied the markets yesterday. No surprises here.
Housing Pumpers Are Out In Force
Resales have gained for four consecutive straight months, the longest streak of increases since 2004. "Momentum is building," said Lawrence Yun, NAR’s chief economist.
In other news July remains the last full month before school starts and spring and summer are always the strongest months for home sales.
The NAR is shameless. After David Lereah wrote not one but two books pumping real estate right into the top and managed to suck in millions of Americans (then crush them) you’d think that the NAR would learn.
You’d be wrong.
There has never been a year where seasonality doesn’t matter to home sales, as any family with children will tell you – moving during the school year sucks and is avoided whenever possible.
Let’s see if Yun is forced to do the "Yum Yum" on those words when September – December’s numbers print. I wouldn’t bet against that, given the delinquency numbers released yesterday.
