Housing Hysteria Wrong Again - Why The Media Is Not Your Friend
Here is a link to the Yahoo Article.
This is a quote from the article that I love -
“Wall Street economists surveyed by Thomson/IFR had predicted the index would inch up to a reading of 86.3. “
Who are these goobers and what does 86.3 mean really? OK, let us try and forget that we had the worst weather in 30 years hit the Mid-West in February. So much for Global Warming….LOL I will let you in on another little secret code word.
Wall Street Economists = The dude or dudette that isn’t bright enough to be trading on their own data and making millions, but needs a day job to pay off student loans and needs to have you believe that what he/she says it gospel even though it will kill your returns.
Anyway, back to bad weather. Think is just might affect sales? Plus, the fact that the NAR as pointed out in my previous article, is under-reporting Real Estate transactions by over 300% at least in the one market major metropolitan we looked and up to an estimated 120% nationwide.
This is like saying The Vegetable Growers Association is looking at a 1% drop in sales and saying people are eating less vegetables while ignoring the fact that 20% more people now have their own gardens. Does that make sense?
Well, this points out two things. The Media is not you friend. Do not believe anything they say about the economy. They truly have a vested interest in sensationalizing everything. Even if it actually hurts it. They do not care. If you want good solid, normally non-biased market reporting, the only outlet I can honestly recommend is Investor’s Business Daily or IBD.
Although they are circulating the same BS vested interest numbers from the NAR as everyone else. So, just be careful about what you read, and when in doubt, think it through and check how they are coming up with their numbers.
Remember, you are smarter than the average economist.
