In the words of former University of Maryland football coach, Bobby Ross: "This ain't good, folks!"
That's right Coach Ross, today's data basically stinks and is another bearish sign that the U.S. economy is headed south...again. Would-be homebuyers are dropping out of the market, probably because they can't get a loan. And, I'm not even talking about the jumbo market, which is a time bomb about to go off. It's hard to believe starts would be down considering the homebuyer tax credit was extended, but maybe nobody wants to build during the holidays. Yeah, right...wishful thinking.
Oh yeah, and CPI ticked up 0.1% above forecast. Just in time for the holidays!! Yippee, the U.S. economy is running scared like a turkey this time of year and now we have to deal with the cost of gifts going through the roof.
Press release will be out in 5 minutes. Been on the phone with reporters asking about today's data.
Talk to you,
Todd M. Schoenberger, Managing Director
LandColt Trading, LLC