Market Mover Tuesday: Home prices rise 1.2% m/m, Consumer Confidence drops sharply shocks forecasters…

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They are SHOCKED, SHOCKED I say that we consumers are not feeling the happy happy joy joy. WE HAVE NO JOBS YOU NITWITS!!!!

They feel we should be excited about a 1.2% m/m home price increase, even though we are still dropping y/y. Face it, NO housing value increases to write home about (pardon the pun) while unemployment and thus foreclosures are rising….In other scary news PIMCO’s Bill Gross is warning about pressure on credit.

CNBC:

Consumers’ confidence about the U.S. economy fell unexpectedly in October as job prospects remained bleak. The Conference Board’s Consumer Confidence Index shows Americans are as worried about the economy’s current state as they’ve been in nearly three decades.

They also have a grim outlook for the future, expecting a worsening business climate, fewer jobs and lower salaries.

That sentiment drove Tuesday’s results, which showed the index falling to 47.7 in October. Analysts surveyed by Thomson Reuters expected a reading of 53.1.

A reading above 90 means the economy is on solid footing. Above 100 signals strong growth…

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October 27, 2009. Tags: , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, Unemployment Statistics. Comments off.

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