Monday, December 04, 2006

Pending Home Sales Down

The National Association of Realtors® spokesperson/economist David Lereah calls the latest drop in pending sales "stabilization".

What else would he say, "housing prices have further to fall, run away at all costs and don't buy until 2011?"

"Pending Home Sales Indicate Market Stabilization
WASHINGTON, December 04, 2006 -

Pending home sales are hovering in a narrow range, another indication that a stabilization is occurring in the housing sector, according to the National Association of Realtors®.

The Pending Home Sales Index,* based on contracts signed in October, slipped 1.7 percent to a reading of 107.2 and is 13.2 percent lower than October 2005. The index had trended up from a cyclical low of 105.6 in July, and a decline from year-ago levels is narrowing. In September, the index was 13.6 percent below a year earlier, while in August the decline was 14.0 percent."

Full article...



3 Comments:

Anonymous Anonymous said...

David Lereah is the real-estate industry's equivalent of Baghdad Bob. That any reporter would bother to quote him as an expert source on the current state of the housing market is laughable. The man's a shill.

Tuesday, December 05, 2006 12:00:00 PM  
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