The Dismal Science

New Home Sales Jump 7 Percent In April But Momentum Is Fading

The Census Bureau reported new home sales in April which rose 7 percent compared to the same time a year ago. Sales (contract signings) for April posted at a seasonally adjusted annual rate of 673,000 units. This was close to expectations, but interestingly the April figure represented a rather large 7 percent drop from revised March numbers. The sales numbers for the previous three months were revised higher. The median price of a new home rose in April to $342,200, while the average price of a new home contracted in April rose to $393700. This [...]

Texas Realtors Pay Over $6 Million For Bogus Research At A&M RECenter

"The first rule of fight club is: You do not talk about fight club." Texas Realtors continue to throw money at bogus research at the Texas A&M Real Estate Center. Many Texas Realtors probably don't even know that a portion of their annual licensing dues goes to pay the salaries of the staff at the RECenter. Many are probably unaware of how they are being shortchanged by this Texas institution which is still partnering with the Federal Reserve when it comes to economic research. That is a shame, because the garbage being produced by the [...]

Another Fed “Senior Economist” Demonstrates Willful Ignorance

The Federal Reserve and its army of economists continue to demonstrate willful ignorance of their failed policies. This week it was the Kansas City Fed's Jordan Rappaport who penned another dose of misdirection on the housing market. Rappaport's piece, "Pent-Up Demand and Continuing Price Increases: The Outlook for Housing in 2018" is yet another example of how the Federal Reserve touts itself as a champion of real economy while they continue toe the line for Wall Street and wealthy investors. In the usual captured culture of Fed Mr. Rappaport lays out the theme of continued [...]

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