I keep looking over the EHS data from Friday, and its clear that something isn’t right. I haven’t put my finger on it yet, but I will eventually figure it out. Tomorrow, I plan on going into greater detail.
Here is what I see this evening:
1) Seasonality effects are being ignored by everyone;
2) The Condo market seems to be growing much faster than single family homes;
3) Foreclosures are still ramping up, and have yet to peak;
4) Many people are now convinced that the worst of Housing is behind us, and that we are seeing true improvements;
5) An awful lot of government effort is going into “Saving” housing.
I believe all of these factors are significant.
I don’t believe they are reflected in the mainstream’s viewpoint about “The” Housing recovery . . .