March 25, 2007
The NAR f*cks over the gullible MSM and sheeple, leads them to believe used home sales were up last month. That was NOT the case.
Why do the bloggers have to do the work of the MSM? For god's sake - they get paid to do a job, not copy and paste NAR press releases!
Anyway, as any dolt knows, home sales increase in the springtime month over month, every year, even if the world is ending. It's called "the home buying season" for a reason. So you don't look at February vs. January, or April vs. March. No, just like retailers look at Christmas vs. Christmas, not Christmas vs. July, any dummy that follows the housing market, INCLUDING THE FU*KING NAR, looks year over year.
Here's the real numbers, and headline the MSM should have reported:
Dubious NAR report shows home sales continue to crater, off 3.7% vs. last year, while unsold inventory explodes by another 763,000 units and median sales price (without incentives) is down 7.6% from peak
February used home sales (per the dubious NAR numbers) were supposedly 387,000 units, vs. 402,000 units February 2006, down 3.7%. Inventory is now at 3,748,000, vs. 2,985,000 in February 2006, up 763,000 unwanted homes, or 25.6%. And the median sales price (without cash back or incentives) in February of $212,800 is down $17,400 from the July 2006 peak.
Suck on that MSM. And next time, in April, or May, when the NAR spins you like a top again, wake the fu*k up and do your f*cking jobs. Here's the breathless report in the New York Times, one of many with the same headline and spin.
(chart from the always-spot-on housingdoom blog, who is all over this NAR spin and BS)
Existing-Home Sales Rise Most in 3 Years
Sales of existing homes rose in February by the largest amount in nearly three years, but worsening troubles in subprime mortgages were viewed as a roadblock to a full-fledged rebound.
The National Association of Realtors reported on Friday that existing-home sales climbed 3.9 percent last month, pushed higher by a milder-than-normal winter that increased sales in some areas like the Northeast.
It was the biggest one-month gain since March 2004 and left sales at an annual rate of 6.69 million units, a pace that was still 3.6 percent below a year ago.
Existing-home sales were up 14.2 percent in the Northeast, a gain attributed in large part to warmer-than-normal weather.