HEAD LIE: June Sales of U.S. New Homes Climb More Than Forecast

by | Jul 26, 2010 | Headline News | 15 comments

Our latest mainstream media head lie is a doozy. From Bloomberg:

June Sales of U.S. New Homes Climb More Than Forecast

As with every mainstream headline, one must venture into the fine print to figure out what is really happening.

This particular headline would have better served the public had it said something along the lines of this:

Junes Home Sales Number Is Second Weakest Ever Recorded

You read that right.

Within the actual Bloomberg story is the truth surrounding the June home sales numbers, depicted in this single sentence:

The rate was the second-lowest in data going back to 1963 after May’s downwardly revised 267,000 pace.

So, we basically have, back-to-back, the lowest ever recorded months for home sales since records have been kept.

But this didn’t stop the stock market. In fact, the Dow Jones is up 1% (100+ points) as of this writing. Bloomberg explains why:

Stocks rose as the housing report and an improved forecast by FedEx Corp. lifted shares of homebuilders and transportation companies. The Standard & Poor’s 500 Index rose 1.1 percent to 1,115.01 at the 4 p.m. close in New York. The S&P Supercomposite Homebuilder Index climbed 2.9 percent.

In our bizarro world, this somehow makes sense.

If you are still buying stocks expecting an economic recovery to take hold sometime in the near future, you are committing financial suicide.

The media can spin this however they like, but facts are facts. And right now, we have increasing job losses, growing foreclosures, declining home sales and we’ve bitten off more debt than we can chew.

Believe the head lies and you’ll pay the price.

Perhaps it’s time that Bloomberg news has all of their material screened by the Gatekeeper news watchdog before publishing.

Hat tip Karl Denninger for bringing this one to our attention.

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    1. Big Jack

      The stock market is just maddening!

    2. schaef

      You remember when Hansel and Gretel went walking through the forest and the witch caught them and fed them a bunch of crap to fatten them up so she could eat them? That’s what’s happening right now. GS and other big banks are pushing the market up as high as it can go this summer so they can start shorting it hard and make a killing off of us. All this market needs is for its long positions to be kicked out by some buig players and down it goes because the real momentum is downward, and make no mistake about it. The only thing that is going to prop up this market for another 18 month run is another stimulus package. Until then, I am in a net short position.

    3. wooba

      The last time the public was this heavily long equities was the late 1930’s and then, like today, they were using leverage loans. Unfortunately the herd always loses, they come in last and are the nominated empty bag holders by buying over-inflated assets just before the music stops. The recent housing market collapse is a good example.

      The thing that is different this time is that pension funds pour billions into the markets every week, propping them up, extending the game and postponing the final collapse. This is the herd’s wealth too but they don’t see it going down the drain because like credit card expenditures it’s removed from their immediate concern. They don’t see the money in the first place so it doesn’t exist in a personal way to them.

      This was a well thought out trap like all the other wealth traps and the herd went silently through the gates of the slaughter house lured by the false promise of abundant riches.

      The only safe way to preserve wealth at this juncture in history is physical wholly owned assets and money. Everything else is open to manipulation and variable taxation.

      It,s interesting how the stock market has fallen in real terms (inflation adjusted) for over a decade and all that while people still invest in it? The gamblers curse to be sure.

    4. sundown

      About Hensel and Gretel?Could not find better respond.Good luck to all of us.I will name us people.

    5. Biff

      The markets OVERLOOKED the lower FDX earnings 12-18 months ago as the DOW was being manipulated upwards.  Now with FDX reporting positive figures, the DOW listens and rallies.  They will use whatever information or numbers they need to justify their manipulation efforts to keep the DOW up, and the American people happy!

    6. Bert Gummer

      Numbers don’t lie….only lier’s can make numbers lie. I’m glad these guys don’t do my check book; Instead we let them write checks for Our Nation. What Insanity!

    7. caveman

      Comments…..This reminds me of a time long ago when the Soviets decided to run a race between a Soviet vehicle and a stock American Ford.  The Ford beat the hell out of it.   The write up?   The Soviet car came in second place and the American car came in next to last…     Sounds familar, doesn’t it?

    8. donkeylips

      Well if you believe the media lies and the Deceiving Government numbers  . Dont be fooled !  If they dont do another extention of unemployment or another stimulus by the first of the new year expect the housing numbers to fall like  fruit off  a tree. If we really knew the inventory of the homes not listed and hidden off the books, the nuberes would surprise you .but what will really surprise many is when hundreds of thousands of more homes get foreclsoed on . they know if they dont continue the money handouts that the houseing market will drop like a rock and values will dive and that in return will do the ripple effect and then effect the job market makeing unemployment go past the magical 25% mark.  Without the Government giving away 8,000 dollar homes credit  what will keep the houseing sector up ? It sure as hell wont be new buildings and from new job creations . The market is on borrowed time  and they will do one last rake on it to rip you off blind. 

    9. grannyb

      There isn’t a single piece of information or a single number that is released by the gov or the MSM that I even consider partially accurate. I am absolutely amazed at what the sheeple see and hear, and either don’t stop to put any thought into it or completely ignore it!

      There is a high cost coming…financially, physically, and even in the number of sheeple who will not survive the coming collapse. Even some we love and care about who choose not to see the truth. Things are going to get ugly and painful and more difficult than we can even imagine. 

      I have no idea what the world will look like a few years down the road, but I hope we are successful in restoring the honor and truth of our early Republic. I would like the opportunity to respect and actually believe in the leadership of our country before I die.

    10. Jonny V

      Granny, you are flat out fuckin hard.  Sorry about my french.  My old (passed away) German grandparents would’ve liked you.  I only wish I could’ve learned what they were trying to tell me years ago.  I’d be ready by now if I’d only listened…….

    11. Blaster

      People need to rent and set aside for a few years, then you can but a home probably 25% cheaper than it is today !
      Its going to way worse before it gets way better !  Still havent hit bottom yet !

    12. JP Morgan

      Right granny you say it all poor Jollems they will suffer…

    13. grannyb

      @ Jonny…lol…I’ve been described that way more than once in my life!! Hope I’m hard and tough enough to help my family make it WTSHTF! Being ‘soft’ will get you dead, I’m afraid!!

    14. Jack C

      As I have said to many people, “It is not what you make that counts; it is what you spend”.  The problem that many of us have; is  we spend more than we make.  The sad fact is that it occurs along all classes of society.  Have you ever driven around on Long Island?  Remember, there were a lot of rich people who were broke at the end of the Great Depression. 

      Grow your own food, fix your house and don’t buy crap you don’t need.  It is not that hard to figure out how you can survive.  

    15. Gods Creation

      That is the funniest thing I have ever seen.  The sad part is that most people only see the headlines and never get the rest of the story.  Me, I never read the headlines.

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