If someone fools you once, shame on them. If they fool you with the same trick a second time, shame on you. If they "fool" you a third time — well, you must be in on it.
That's my take on Bloomberg News's virtually euphoric reaction to yesterday's new-home sales release from the Census Bureau. The wire service's Shobhana Chandra celebrated how seasonally adjusted December sales were at "the highest level in more than six years." The problem is that the bureau reported the same development two other times in 2014, only to see each improvement disappear in subsequent revisions. Excerpts follow the jump (bolds are mine):