Wednesday, January 24, 2007

Pop, goes this weasel

Another indication of hanky-panky appeared in the back-pages of the New York Times last week under the appropriate title “A Phantom Rebound in the Housing Market” by Daniel Gross. The article points out that while the Commerce Dept was celebrating the latest rise in new home sales (in Nov) the reality was quite different. In fact, the government is overstating sales “by up to 20%”. The Commerce Dept failed to subtract the thousands of people who signed contracts but “simply walked away from their deposits when they realized they couldn’t flip the houses for a quick profit.”

Ooops! So the government is falsifying the figures to make things look better than they really are?

You bet. And, most of the high-end home builders like Toll Bros are reporting cancellations in the neighborhood of 37%!
Falsifying figures? Your gummint lies
to you? Impossible. Isn't it?