Hundreds of controlled media outlets may be spewing a minute rise in existing homes sales today, MOM (still down YOY), but they seemed to miss the critical tidbit below. It seems only a Seattle newspaper reported that commercial construction was down a crippling 71% MOM and 22% YOY.

Also, the U.S. Treasury will be attempting to unload a record $235 billion in notes, treasuries, TIPS, and CMB's over the next week. Thus, they could be pumping the equity markets this week in order to crash them next week. This will allow them to short the market and channel as many funds as possible into the $235 billion blackhole.

We shall see - VHF

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Commercial construction down 71% in June

Puget Sound Business Journal (Seattle) - by Katherine Conrad

Wednesday, July 22, 2009, 11:14am

The Associated General Contractors of America reported a national drop in commercial construction of 71 percent during June compared with the previous month.

The drop wiped out gains seen in May, when commercial construction rose 27 percent.

“Every construction category declined significantly in June,” said Jim Haughey, an economist for Reed Construction, in a statement. “The May/June boom/bust is substantially random.”

The drop shows that nonresidential construction is entering the weakest period in the business cycle, he said. Compared to June 2008, however, the drop was 22 percent, and Haughey said he believes that’s a better indicator for the rest of the year.

“The current bid calendar suggests that much of the June drop will be reversed in the next few months,” he said.

The contractors also reported that falling prices for construction materials may be nearing an end. Nucor-Yamato Steel announced it was raising prices to match an earlier announcement by Gerdau Ameristeel; a concrete company announced a hike in aggregates and liquid asphalt prices also are edging up.