Most press reports have said the Black Friday was boomville.
Really?
Not according to Gallup which reported that “self-reported spending” during the Black Friday weekend was down almost 20% from last year … from $103 to $84.
Hmmm.
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Not necessarily.
Let’s walk through the logic.
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First, home price indices show that home prices have stopped falling … and arguably are increasing.
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And, relating home prices to equivalent property rental rates suggests that the bubble in home prices has been fully deflated and home prices should, at a minimum, creep upward.
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But, a CNBC analysis offers a sobering offset.
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