On Wednesday, the Associated Press's Josh Boak added to the wire service's collection of weak "Getaway Day" business journalism by declaring that new-home sales "recovered in October."
No they didn't. The seasonally adjusted annual rate of 495,000 units reported by the Census Bureau was the fourth-lowest monthly level seen this year, even well below the 521,000 and 545,000 reported in the supposedly unprecedentedly awful winter months of January and February, respectively. Boak also claimed that "Americans recovered much of their appetite for owning new homes this year," even though current levels are at best about 70 percent of what one would expect in a pre-"new normal" healthy market.










