US third quarter GDP revised down

US third quarter GDP has been revised lower. MarketWatch reports:

The U.S. economy grew at the fastest pace in two years during the third quarter, but the revised annual growth rate of 2.2% was much slower than what the government initially reported.

U.S. real gross domestic product increased for the first time since the spring of 2008, boosted by higher consumer spending -- especially on autos -- as well as a rebound in investments in homes, a slower pace of inventory reduction, more exports, and robust government spending, the Commerce Department said Tuesday...

The revisions to third-quarter GDP were in three major areas: Business investment, consumer spending, and inventories.

Data on November existing home sales were good. Again from MarketWatch:

Home buyers in November rushed to qualify for what they thought would be an expiring federal tax credit, boosting resales of U.S. homes by 7.4% to a 6.54 million seasonally adjusted annual rate, the National Association of Realtors reported Tuesday.

However, Calculated Risk says that home sales have been distorted by the tax credit and that the November report probably marks the end of the "good" housing news for a while.