The White House keeps telling us that we’re in a recovery, yet anyone watching the economy, housing, foreclosures, unemployment, the stock market, commercial real estate, and dozens of other factors will tell you that they have some rose colored glasses glued on. Of course, if they didn’t, what they would tell us is that things are bad – getting worse – and they don’t know what they are going to do about it.
With that in mind, the commerce department announced today “that sales fell 3.6 percent to a seasonally adjusted annual rate of 402,000 from a downwardly revised 417,000 in August.”
It was the first decline since March. Sales in September were off 7.8 percent from a year ago. Despite the surprising decline, the market is up 22 percent from the bottom in January, though down more than 70 percent from the peak in July 2005. The median […]
Original post by Joshua Dorkin and software by Elliott Back
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