Monday, December 31, 2007

MSM / NAR Lying Headline of the Day

Existing Home Sales Edge Up 0.4 Percent

screams the corrupt MSM headline.

Read a little further and you see this

The National Association of Realtors reported Monday that sales of existing single-family homes, condominiums and townhouses rose 0.4 percent in November from October, to a seasonally adjusted annual rate of 5 million units. Over the last 12 months, however, existing home sales have plunged 20 percent, underscoring the troubles in the housing sector.
Now what is more substantial? A 0.4% increase month over month or a 20% decrease year over year? Month to month data is meaningless. It is comparing apples to oranges. It is like saying temperatures decreased 12% from October to November. Factually true, meaningless in forecasting temperature trends over the long term.

But why let logic get in the way of perpetuating the NOW IS A GREAT TIME TO BUY lie? That is the only conclusion I can draw for why the headline screams good news when in reality the bad news is only getting worse.

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