As predicted, the brain dead and worthless MSM lead with the change versus last month, down a shocking 8.4%, and go with The Corrupt David Lereah's excuse that it was "bad weather" and that he expected the drop. Yeah, right.
Some days folks, you just gotta marvel at the incompetence and laziness of the MSM... At the same time you have to marvel at the swiftness of this American housing crash that's now gathering steam.
Here's the real headline, care of HP:
USED HOME SALES CRASH 13% VERSUS PRIOR YEAR, MEDIAN PRICE NOW DOWN AT LEAST $13,200 OR 6% FROM PEAK ACCORDING TO FLAWED NAR STUDY. UNWANTED HOME INVENTORY UP AT LEAST 17% VERSUS PRIOR YEAR TO 7.3 MONTH SUPPLY. NAR MOUTHPIECE DAVID LEREAH HILARIOUSLY BLAMES HOUSING CRASH ON WEATHER.
NAR Data: Sales: March 2007 482,000 vs. March 2006 554,000. Median Price: March 2007 $217,000 vs. $230,200 July 2006 peak
And here's the one of many MSM reports using the NAR spin:
Sales of existing homes plunged in March by the largest amount in nearly two decades, reflecting bad weather and increasing problems in the subprime mortgage market, a real estate trade group reported Tuesday.
The National Association of Realtors reported that sales of existing homes fell by 8.4 percent in March, compared to February. It was the biggest one-month decline since a 12.6 percent drop in January 1989, another period of recession conditions in housing. The drop left sales in March at a seasonally adjusted annual rate of 6.12 million units, the slowest pace since June 2003.
David Lereah, chief economist at the Realtors, attributed the big drop in part to bad weather in February, which discouraged shoppers and meant that sales that closed in March would be lower.