Wednesday, December 21, 2011

False Straws?

The Lehmann Letter (SM)

The Census Bureau and the National Association of Realtors reported slightly stronger housing starts and existing-home sales for November. Is this the start of an upward trend? We’ll see. There have been many false dawns.

The problem is: We’ve been down so long we grasp at false straws of hope. That’s a consequence of settling into a new regime of reduced circumstances and expectations. Small improvements are overblown.

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© 2011 Michael B. Lehmann

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