Tuesday, August 28, 2007

USA Today lead

USA Today's lead article was striking (no link because I can't find it on their website; emphasis added):

The news Monday from the National Association of Realtors was bad enough: Sales of existing homes fell in July to their slowest pace in five years. The glut of homes for sale is at a 16-year high. The median price is down for a record 12th month in a row.

What's really grim, though, is this: None of the figures reflect this month's turmoil in the mortgage market. Which is why the numbers will likely be even worse in coming months. And why the NAR doesn't expect the housing market to recover until early next year. ...

Can you believe that!?! We're falling off a cliff ... until everything is wonderful again in maybe six months. Add another to NAR spin vs. reality history.

1 comment:

Lionel said...

Is it just me, or does anyone else wonder how NAR expects housing to recover "early next year" when the biggest ARM resets seem to be between January and March of next year? I mean, I'm getting the distinct feeling that these NAR people aren't exactly above-board.