Okay, couldn't resist, just one more post before I get on the plane. Saw this quote by NAR in the WSJ this morning:
(NAR must desperately be looking for something positive to say about the resale numbers reported on Friday...cause this is downright pathetic)
---Lawrence Yun, a senior economist at the NAR said that the sudden rise in inventory is due in part to existing homeowners seeing an opportunity to trade up-leading them to list their current homes on the market while they shop. It could be implying that existing homeowners are feeling a little more confident about reentering the market. ---
Did he even look to see how many vacant, investor and bank owned homes make up that inventory? Probably not.
A previous desperate attempt by NAR to put out the positive spin, resulted in them lauding the fact that the decrease in sales/prices was not as low as previous decreases....of course (look of feigned surprise on all our faces) leading them to belive the worst was over. But once again....they were comparing the numbers to the previous year, which was already slow.
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