The survey of economists had predicted a sharp rise in claims, but these are the same economists that are almost always wrong. Why do reporters quote them? You would get a better prediction by flipping a coin.
Monthly home sales numbers are up 9% over last year, but down one percent from the previous month. The number of houses currently on the market is actually down to a four month supply, which is good news for the economy. This allows people who want to move, or build their dream house sell their current home, and this should build a reinforcing cycle.
The bad news is that 22% of home owners are still under water on their mortgage. The number of foreclosures is also expected to pick up sharply now that Obama has given the banks a pass on Robo-signing. However, a plethora of investor lawsuits, and an assortment of state criminal probes continue against the big zombie banks. A new banking crisis is almost a certainty because any sort of bad news will drive the already bad credit ratings of these big banks down, triggering trillions in derivative payouts.
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