I swear, HP'ers live in an alternative reality.
It's called "truthland".
You gotta love Lawrence Yun and the NAR though - they can spin with the best of 'em. And you gotta love the copy/paste crowd at our nation's mainstream media. Why work when you can just report lobby group press releases as news?
Here's the hilarious NAR lipstick-on-a-pig spin:
Existing Home Sales Rise In February
Sales of existing homes increased in February and remain within a fairly stable range, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said the gain is encouraging. “We’re not expecting a notable gain in existing-home sales until the second half of this year, but the improvement is another sign that the market is stabilizing,” he said. “Buyers taking advantage of higher loan limits for both FHA and conventional mortgages will unleash some pent-up demand. As inventories are drawn down, prices in many markets should go positive later this year.”
But here's the truth
March 24, 2008
FLASH: Used home sales crash 24%, prices down record 8% vs. year ago. Mainstream media reports home sales up, Dow rockets on NAR's great news!
Posted by blogger at 3/24/2008