Today saw yet another "unexpected" disappointing development in the U.S. economy. The Census Bureau reported that seasonally adjusted sales of new homes, an area thought to be a bright spot, declined sharply in September to an annual rate 468,000 from 529,000 in August. The bureau also revised July and August significantly downward.
As bad as the as the adjusted numbers were, the raw data was even worse. Despite all of this, and despite the fact that the pace of new-home sales is still only about two-thirds of what it used to tell readers would be a "normal" or "healthy" level, the Associated Press's Josh Boak, apparently taking a double shot from today's good-news koolaid delivery, tried to pawn off today's result as a one-off interruption of what has otherwise been a year where "zeal for newly built homes took off."











