New Home Sales Surge 11 Percent under New Data-Collection System

THE JOURNAL RECORD, March 5, 1997 | Go to article overview

New Home Sales Surge 11 Percent under New Data-Collection System


WASHINGTON (AP) -- A government report showed new home sales unexpectedly surging to a nearly 11-year high in January. But economists weren't sure what to make of it because of a data- collection change.

"It's so outlandish on the strong side," David F. Seiders, chief economist of the National Association of Home Builders, said of the 8.6 percent sales jump. "In our signals from the field, nothing says this was going to happen."

In advance, analysts were looking for a modest sales decline. So Tuesday's report from the Commerce Department briefly roiled the inflation-sensitive bond market until the government's disclosure of a change in its data collection methods sank in. The department said its field agents started collecting sales data with laptop computers, rather than with paper and pencil. It said that more accurate method likely resulted in "some upward bias" to the number but it used statistical methods to dampen erratic fluctuations. Economists and bond traders said the Commerce Department should have announced the methodology change in advance but said, in the end, the report had only a passing impact. "I'm sure some traders lost money. But then some traders made money too," said economist Sung Won Sohn of Norwest Corp. "I don't think the average person lost money because the market moved too fast." Bond prices, which were rising, sank briefly after the report. They quickly recovered but sank again during the afternoon. The Dow Jones industrial average, off modestly most of the day, dropped in the last hour of trading to close down 66.20 points at 6,858.72. Everett Ehrlich, under secretary of commerce for economic affairs, said the department did not announce the data-collection change in advance because "it wasn't obvious to us that it would have the effect that it did." In the long run, the change will produce more precise estimates, he said, and stood by the general accuracy of the January report. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

New Home Sales Surge 11 Percent under New Data-Collection System
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.