Seeking Alpha

Pending Home Sales edges up 0.1%

Comments (8)
  • Lakeaffect
    , contributor
    Comments (1157) | Send Message
     
    My recollection of the housing data which came out this week:

     

    First, Mortgage applications decline to multi year lows.

     

    Second, New home sales are through the roof, homebuilders are excited.

     

    Third, pending home sales broadly miss expectations.

     

    I guess I will just file housing reports in the same bin where I already put EIA estimates, USDA forecasts and ADP payroll reports.
    28 Feb 2014, 11:16 AM Reply Like
  • SoCalNative
    , contributor
    Comments (572) | Send Message
     
    Exactly! Why the crazy contradictions on what seems like a daily basis???
    28 Feb 2014, 02:52 PM Reply Like
  • june1234
    , contributor
    Comments (3147) | Send Message
     
    previous month was revised downward 8.7%
    28 Feb 2014, 03:52 PM Reply Like
  • quabbin
    , contributor
    Comments (127) | Send Message
     
    Maybe it really is the weather.

     

    I bet minnow sales are up!
    28 Feb 2014, 04:10 PM Reply Like
  • Darren McCammon
    , contributor
    Comments (1758) | Send Message
     
    Resale homes are holding out for higher prices (what they could have gotten back when they bought that they probably are not going to get any time soon). Homebuilders adjust prices based on the market. This makes new homes look comparatively cheap.
    28 Feb 2014, 04:51 PM Reply Like
  • rubber duck
    , contributor
    Comments (194) | Send Message
     
    It's almost comical. Point to a big number, juice the markets, and then quietly revise downward the next month.
    1 Mar 2014, 09:40 AM Reply Like
  • Moon Kil Woong
    , contributor
    Comments (11527) | Send Message
     
    Talk about revisionist history. They lower every other month's data to make the current month's data look better. This goes for unemployment, GDP, permit applications, etc. etc. etc.

     

    When will we get wise to the game. Most of these reports are wrong and backwards facing and mean little to nothing.
    1 Mar 2014, 09:43 AM Reply Like
  • wmateri
    , contributor
    Comments (552) | Send Message
     
    Moon - One might speculate that the point of putting out these inaccurate stats in the first place is to fool the idiot HFT algos, which are quick but not very wise. Unfortunately, because they control the game these days, in the short term it pays to be about as foolish (and easily fooled) as they are. To win, I think you either need to recognize where they're going and join them, or anticipate when they'll recognize the game is up and anticipate them. Both very difficult to do successfully. Lately, I've taken to looking for things beyond the control of the algo's and those who can affect their input (i.e. BLS, Fed, etc) and have been having a bit more success compared to when I was ranting about investors' foolishness in being tricked by the game. Since the govt and CBs have gotten vigorously into the game of saving banks, I wouldn't bet against any of them no matter what (Lehman's completely surprised them). Almost any bad thing that can happen that is under govt influence seems to be able to be buried, swept under the carpet, or postponed indefinitely (hence why the Euro still exists as a currency). So reality can only be imposed by an opposing govt or by actual events beyond govt influence.
    1 Mar 2014, 07:57 PM Reply Like
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