This illustrates two obvious points:

1. Housing sales at the end of '09 were a fraud, not the light at the end of the tunnel.

2. The government has replacing one bubble with another bubble to further protect banks at the expense of the taxpayer.

Hope and change, folks, hope and change.

The cash-for-clunkers and the cash-for-caulkers programs both were instrumental in paying people to borrow a lot of money. Those of us in the markets knew that once these sugar-high stimulus payments from the government ended, then the numbers would revert to their true level.

Another interesting feature of the housing numbers is the prices paid component, which rose slightly. It won't last, but the only real strength will be seen in smaller homes. Between the aging of America and households' increasing reluctance to take on new debt, homes will get smaller. Firms that can build downsized homes profitably will do well, at the expense of the others. This will be good the economy, and the industry, long-term, as long as the retards in Washington and Wall Street can get out of the way.

This is BS, because home sales are higher than last December!

Before Obama, housing sales were compared with the previous year's month's sale ...

This is BS, because home sales are higher than last December!

Take a good look at this chart. It shows another wave of mortgage resets hitting homeowners from now through 2011. IF you think the first wave of subprime resets was bad, you ain't seen nothing yet.

Remember. Obama promised change you can believe in, not change you can see.

Obama promised change you can believe in, not change you can see.

So the change, much like our economy, is like Tinkerbell...if we stop believing in it, it dies?

worse rate in 40 years

damn bush....

This just in:

New legislation has been introduced in Congress to formally outlaw Bush. Further deterioration of the economy has been directly attributed to the actions of Bush. Effective immediately, all citizen are to report to their local Bush elimination centers for taxpayer funded Brazilian Waxes.