Big Media is hiding the truth about the housing market. Don’t believe everything you read, says Chuck Butler…

OK, front and center this morning… The Housing data from yesterday. Since the media decided to sweep this under the rug, I thought I would make certain that at least Pfennig Readers were aware of the rot on the Housing vine. The index of Pending Home resales fell -4.7% in April, a much larger decline than the “experts” forecast. I think what you’re seeing here is simply that would be buyers are holding off as they expect further declines in prices…

There’s something that’s been on my mind for a month now, and I just remembered what it was! Recall when the Existing Home Sales data was strong a month ago, and I said that it must have been the fall in home prices to spur that kind of result? Well… As I thought more about it, I decided to look into a thought I had… The thought was a question… Are foreclosures included in Existing Home Sales data? And, lo and behold, the answer is yes! As long as someone was living in the house when it was foreclosed, which would put the percentage very high, wouldn’t you think? Anyway… There you have it! A price drop, and foreclosures spurred that strong Existing Home Sales report… I knew there was something rotten in Denmark when that data printed!

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