FLASH: US Median Single Family Home Price Falls Again

You won't see it reported correctly in the MSM, where they'll incorrectly compare Q1 median price 2006 to Q1 median price 2005, stupidly and lazily as the rip-and-read MSM tends to do.

Do you compare the cost of Pepsi in the supermarket against a year ago, or last week? Do you compare the cost of a new car vs. a year ago, or the price you saw it for last month. Exactly.

Here's the truth

Q3 2005 $227,600
Q4 2005 $225,300
Q1 2006: $217,900

Gee, I think there might be a trend there. Yes, Virginia, housing prices do decline.

Finally, here's the lipstick on the pig from the corrupt David Lereah of the NAR - which again, the lazy MSM picks up without questioning:

"With the supply of homes picking up very nicely in many areas of the country, pressure is coming off of home prices," Lereah said. "By the time we report second-quarter data, I expect most areas will be returning to normal rates of price growth in the single-digit range. Consumers generally can expect normal price appreciation for the foreseeable future, providing solid returns over time."

Can someone wake the MSM up? Good god talk about lazy and incompetent. Doesn't anyone go to journalism school anymore? Or do they all just reprint NAR press releases?