Want to see the housing version of f*ckedcompany.com? Just go to the data section at National Mortgage News

Thought you'd find these numbers and charts interesting. What's most amazing about the charts is how the MSM and NAR spin these housing numbers as "down slightly" or "bottoming" or even "improving". Man, my eyes must deceive.

Keep in mind on the lenders that in many cases, the lender is not the bag-holder. Take Wells Fargo, who makes the loan then gets rid of it as fast as they can like a toxic hot potato. So yes, now that these types of loans are no longer being made, their lending business will collapse, destroying their revenue and profits, but it's the bag-holders that are really gonna take it in the shorts.

FLASH: Used home sales fall yet again - supposedly down 10% vs last year, dead wood inventory at 9 months, prices fall yet again

Sales down, inventory up, prices down.

Any questions?

Oh, you'll see the lazy MSM report the NAR's "down 0.3%" as their headline number. Why? Because sales in May at an annual rate vs. April's annual rate fell by that amount. When we all know the only real number to look at is May 2007 vs. May 2006. But that would be to tough for the MSM to do. It's much easier to take the NAR's spin and report it as the news.

And remember, this NAR number (to be trusted like Enron) doesn't include rampant incentives and cash-back, and is a 40% sampling of MLS sales.

Sales of previously owned homes in the U.S. fell in May to the lowest in almost four years, reinforcing concerns about a protracted housing slump.

The supply of homes for sale increased 5 percent to 4.43 million. At the current sales pace, that represented 8.9 months' worth, the highest since June 1992 and up from 8.4 months' worth at the end of the prior month.

The median price of an existing home fell 2.1 percent last month from a year ago to $223,700, the 10th consecutive month of year-over-year declines, the Realtors group said.

Housing accounts for about 23 percent of the U.S. economy, when taking into account purchases of furniture, appliances and items for new homes.