I said the word bupkiss on TV this morning. Is that kosher? I just couldn’t think of a better word, for all my years of hifalutin network journalism experience. It’s just that everyone wanted to talk about the July existing home sales numbers, how sales were essentially flat, and that was better than many folks had predicted, and yadda yadda, isn’t that nice? But the fact of the matter is, the real credit crisis didn’t hit until after all those contracts that make up the July numbers were signed, sealed and delivered.
Remember the folks packing up their desks at American Home Mortgage ? Remember Countrywide taking out an 11 billion dollar loan? Remember any number of lenders from Countrywide to Capital One that they were shutting down their Alt-A mortgage units, in addition to curtailing subprime? August. It was all August. So when I see the number of closings, i.e. sales, for August, September, really October, which will be based on homes people shook on in August, then I’ll have something to talk about.