We wrote about the decline in new housing starts here and existing home sales here. Both are at their lowest levels in almost 10 years.
Now, we learn it may be even worse than they are telling us (emphasis mine)
Two high-profile reports on home sales this week confirmed that the housing market is still mired in a deep slump with prices still falling and sales activity sluggish at best. In fact, the market may be in much worse shape than even those numbers suggest.
Figures from the National Association of Realtors that are among the most closely watched indicators on the housing market have been called into question by economists who say they may overstate existing-home sales activity by up to 20 percent.
The issue is more than just an academic dispute among economists. Without a working barometer, it’s hard to see the next storm coming.
Can you say … double-dip recession? The Other McCain certainly can.
What if we were in the second dip of a double-dip recession and, because of inaccurate measurements, we didn’t even know it?
Everything — and we mean everything — coming out of Washington and especially the White House is all about spin. They really believe the American people, because they bought the line of Hope and Change in 2008, will buy that again as well as anything else they care to sell.
Primarily, it’s about the 2012 election. The Obama Regime firmly believes that if it can fool the American people into believing things are getting better regarding the economy, it can get a second term (minimally, but that’s a topic for another post, since we don’t believe Our Lord and Savior will necessarily vacate the office simply because the Constitution tells Him He has to). And the Regime has its willing sycophants in the state-run media to trumpet whatever economic good news is there — or more accurately, what spin the Regime offers — and suppress the truth in terms of the economic reality.
What the Regime is saying is this: “Who do you believe? Us or your lying eyes?”
