investmentresearchdynamics.com / By David Kranzler /
On Wednesday the Census Bureau released its new home sales report and the National Association of Realtors released its Pending Home Sales Index. Both data series missed Wall Street estimates by a country mile, with new home sales showing a slight gain over September and the Pending Home Sales unexpectedly dropping from September. With regard to the reliability of the Census Bureau data, John Williams of Shadowstats.com explains:
A lack of stability continued with the Census Bureau’s headline monthly reporting of new-home sales in October…headline reporting remained extremely unstable. Sudden initial headline surges in monthly activity appear to provide no more than one-shot media hypes, which disappear with the next month’s revisions.
In other words, the Government’s estimates for new home sales is unreliable.
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