More On The Government’s Fraudulent New Home Sales Report

Jon Corruption, Government, Market Commentary, Real Estate

This is from a reader who posted this comment:
I live in ‘the south’ in a very very nice area by the beach. A ‘developer’ built over 20 new homes and purchased several more lots to build on. His last home sold 6 months ago and the rest stay EMPTY! Lock box, not sold, and some for sale signs have been taken off to decrease competition from the other people trying to sell their home.
The average asking price is $500,000 . The lots are cleared but undeveloped. He put a sign up on one lot to show the home that ‘could’ be built there IF anyone purchased it.
In short… IT’S OVER! WE’RE BACK TO 2007 LOOKING DOWN AT A DEEPER AND STEEPER DECLINE!
I’m beginning to think that the Census Bureau now includes ‘intent to sell’ as a ‘sale’ because I’m sure there’s a lot of people who are thinking of selling of in order to ‘get ahead of the market.’ Sorry, it’s too late.

This post was published at Investment Research Dynamics on August 25, 2016.