Free Markets, Free People


Economic Statistics for 28 Nov 12

The following US economic statistics were announced today:

New home sales for October were well below expectations, at a 368,000 annual rate. September was also revised downward 20,000 to 369,000 annualized as well.

The MBA reports that mortgage applications fell -0.9% last week, with purchases up 3.0% but refinancings down -2.0%.

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Dale Franks
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2 Responses to Economic Statistics for 28 Nov 12

  • (Reuters) – New single-family home sales fell slightly in October and the government revised sharply lower its estimate for the prior month’s sales, casting a small shadow over what has been one of the brighter spots in the U.S. economy.
    The Commerce Department said on Wednesday sales dropped 0.3 percent last month to a seasonally adjusted 368,000-unit annual rate.
    Government data for new home sales are subject to substantial revisions. Indeed, the Commerce Department cut its estimate for sales in September by 20,000 to a 369,000-unit rate.
    The data leaves the pace of new home sales just below the pace reported in May, suggesting little upward momentum in the market for new homes.

    … “revised sharply lower” .. hmmm .. how could that happen just before an election ?

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