With a big, fat hat tip to the hardest working financial blogger on the Interwebs – Tyler Durden at ZeroHedge – we noticed something in Brena Swanson’s story on existing home sales this morning.

The most generous spin on home sales is that yes, they did rise for the first time in 2014, although it was by a paltry 1.3%.

Feeling the recovery now?

So was this a sign of the spring thaw, and that this is all that pent-up demand from the harsh weather that the sunny-side financial press blamed for January to March?

Not so much.

As Tyler notes, a single chart in the data from the National Association of Realtors report is the Rosetta Stone for understanding that we have two housing markets, not one in this country, and one is flourishing while the other (almost 95% of it) is experiencing epic fail. (And it's why jumbos and cash sales are king right now.)

“It shows beyond a doubt that courtesy of the Fed's policies there is not one but two housing markets in the US: that for the 1%, or those who purchase mostly homes in the top price buckets ($500 and certainly above), and that for everyone else. Guess where the bulk of the activity (i.e. flipping) is, and worse for the so-called recovery, where it isn't,” Durden writes.

Chart: National Association of Realtors

So ignoring the statistical noise of the 0.2% increase in homes in the $250,000-$500,000 range and the 0.3% rise in sales of homes priced $500,000-$750,000, all of the sales activity is in the $750,000 to $1 million and up range.

Together those two buckets represent 4.5% of all home sales.

"Preemptive spin attempt warning: harsh snow in the winter fell only over houses that cost $500K or less," Durden writes.

Bonus chart on how that breaks down further: