Slumping, Not Slumped

Barry has been explaining why the realtor associations and some economists are incorrect about the housing correction. Today, he does it in charts which lead to one inexorable conclusion. The housing slump is far from over and is closer to beginning than ending.

In other economic news, the revised GDP for last quarter stunk, hovering just above the recession level at .6%*. Meanwhile, the Fed continues to say stuff like "inflation is sure stubborn" while reassuring everyone that we will not have a recession. Of course, what else could they say?

In some good news, gasoline imports are up and gasoline stocks are improving (that's good news?) causing gasoline prices to ease a bit. I suspect they'll ease until the fall annual crunch when the excuse is that the refineries have to switch over to heating oil.

But hey, be like the stock market. Party on to new highs!

*Note: If you factor in real inflation, we're already in a recession.