Media and Market Overreact As Usual to Weaker Housing Data

``The mainstream financial media breathlessly proclaimed the worst housing data in x months this morning, on the release of the Commerce Department's monthly new home sales data. I won't go into the details of the reporting, which you have seen by now. I'll just give you the facts and let you decide for yourself how "bad" this data was that all the pundits suggested was so disappointing.''