Housing

Usually, when the Associated Press covers the Census Bureau's monthly new-home sales releases, its reporters will tell readers that a "healthy" market should generate about 700,000 sales per year (examples here and here). Though I believe that figure is insufficiently ambitious, given that pre-bubble annual sales averaged 776,000 from 1993-2000, it apparently has somewhat wide acceptance. Of…

Following up on Friday's awful jobs report from the government (only 74,000 seasonally adjusted jobs added, with the unemployment rate dropping to 6.7 percent only because adults continued to leave the workforce), the Asssociated Press's Christopher Rugaber tried to search for excuses. To its credit, the headline at Rugaber's report didn't blatantly dissemble like the one at Bloomberg, which…

One thing the establishment press will not be celebrating this evening as we head into 2014 is the fact that they have been unable to convince the American people that the economy has been and will continue to be on the rebound. A CNN/Opinion Research Corporation poll released on Friday, which "oddly enough" (no, not really) is not being touted at ORC's related press release web page, shows…

The nation's press has long since stopped paying any attention to what has actually happened in the wake of the outrageous Kelo vs. New London Supreme Court ruling in June 2005. The court's majority wrote that "The city has carefully formulated a development plan that it believes will provide appreciable benefits to the community, including, but not limited to, new jobs and increased tax…

Left-wing proposals to stop climate change are often ridiculous and extreme, but Huffington Post contributor Lance Hosey’s “modest” proposal was downright laughable. Hosey, an architect and chief sustainability officer, decried the impact that building construction has on carbon dioxide emissions and climate change. In order to limit such pollution, on Nov. 14 Hosey advocated a nationwide…

The Census Bureau reported today that sales of new single-family homes in the U.S. reached an annualized level of 421,000 in August. That was up by almost 8 percent from July, but a whopping 15 percent below the 497,000 the bureau originally reported for June (two subsequent revisions have taken that number down to 454,000). Given the shock decline to below 400,000 in July, August's bounceback…

So much for the recovery. Even liberals admit employment is “weak,” that household wealth hasn’t recovered and consumer experts say middle-class retailers are “struggling.” But two of the three broadcast news networks have been much more focused on “proof that the economy is getting stronger,” than on economic worries since the May jobs report was released June 6.

I guess we should acknowledge a tiny improvement when an ordinarily in-the-tank apparatchik like Jim Kuhnhenn at the Associated Press expresses even the slightest bit of skepticism about a White House claim. But let's not take it too far. Kuhnhenn is reporting in a brief "Big Story" item this morning that President Obama "is laying claim to an economic turnaround and warning Republicans not…

Potentially the most dishonest aspect of the Obama-loving media's reporting since January 20, 2009, pertains to how they've almost totally ignored how poorly the economy is performing. On Tuesday, Michael T. Snyder, author of the gloom and doom book "The Beginning of the End," wrote a fabulous piece titled "33 Shocking Facts Which Show How Badly The Economy Has Tanked Since Obama Became…

It seems that beat reporters need to be constantly reminded that they have their hands full just discerning the facts, relaying them coherently, and leaving the "analysis" to others (while presenting alternative analytical takes when necessary). The nagging is really for their own good. If they would stick to their jobs instead of "analyzing," which often is a cover for getting out their own…

At 10 a.m. this morning, the Census Bureau essentially declared the much-ballyhooed "housing recovery" an illusion. Only 35,000 homes were actually sold in July. That translates to a seasonally adjusted annual rate of 394,000, miles below the expected 487,000 and 12% below June's 455,000, which was itself revised down from 497,000. After the jump, I'll reveal what supposedly leading personal…

I was going to leave this alone because the original item involved goes back to last week. But Christopher Rugaber at the Associated Press brought it up again in his report today on existing home sales, so it's fair game again. The final sentence of his dispatch refers to last week's Census Bureau data in the new home market, and claims that "In June, they (builders) applied for permits to…

Continuing the business press's slavish devotion to seasonally adjusted figures in government reports to the exclusion of looking at what actually happened, Martin Crutsinger at the Associated Press, aka the Administration's Press, began his Tuesday dispatch on May's new-home sales report from the Census Bureau as follows: "Sales of new homes rose in May to the fastest pace in five years, a…