October, 22, 2009--the day Schoenberger was spot-on WRONG! I accept it, but I'm also not one to settle and play it safe.
For those new to the blog, I mentioned on the FOX Business Network yesterday that the existing home sales data was going to be "horrible". I predicted the print would come in far below the consensus estimate of 5.38 million. Wow, was I off. Well, the print came in at 5.57 million annualized units.
However--and I'm normally an optimistic guy--the future in housing does look bleak. The figure we saw today was a direct result of the $8,000 tax credit--but the credit is set to expire on 12/1. What's housing going to do then?
Well, for more, check out the following article written by yours truly:
Housing Data Proves the Worst Is Yet to Come
More after the bell.
Talk to you,
Todd M. Schoenberger, Managing Director
LandColt Trading, LLC