Wednesday, January 19, 2011
Today, news came out of the housing sector that housing starts (meaning new homes to be built) "fell 4.3% to a 529,000 annual rate, the lowest level since October 2009". Which by the way is terrible. Yet I wanted to take a moment to once again demonstrate how the media spin bad news and interject false-optimism and 'hope' when it has no place...
"Builders began work on fewer homes than projected in December, a sign the industry that triggered the recession continued to struggle more than a year into the U.S. economic recovery.
Housing starts fell 4.3 percent to a 529,000 annual rate, the lowest level since October 2009, Commerce Department figures showed today in Washington. The median forecast in a Bloomberg News survey called for a 550,000 rate. A jump in building permits, a proxy for future construction, may reflect attempts to get approval before changes in building codes took effect at the beginning of this year. "
~ So in summary, housing starts fell over 4% to its lowest level in 15 months, providing further evidence that the housing market is in official depression, yet Bloomberg tries to nullify the Commerce Dept's statistics as well as its own faulty forecasting and pronouncing that since there was a jump in building permits, things 'may' be much better than they appear, i.e. that little glimmer of 'hope'...
This is mainstream news- and it is pathetic
Posted by Susquehanna at Wednesday, January 19, 2011