Today, the Seattle Times had a big story on how pending sales of single-family homes surged in April, which the article attributes to first-time homebuyers taking advantage of low prices and increased incentives. But while pending sales are up, actual sales are down--something Seattle Bubble says "is good to keep in mind when you start reading news reports in the coming weeks about the market supposedly picking back up. It's an illusion."
The media do the public a disservice by continually looking for "good news" of a turnaround. Let me explain: This historic recession was years, even decades, in the making.
Behind it are deep structural problems that can't be quickly addressed. The green-shot watch distracts from a clear-eyed view of our situation and discussion of the reforms needed. It also continues the salesmanship seen in some of the financial media (CNBC, call your office) that enabled the disas
As with all his posts, Talton concludes with an "Econ Haiku", a doozy. Much respect to his posts, but in the era of Twitter and quick hits, the haikus should have a feed all their own.