WASHINGTON (AP) -- The National Association of Realtors says pending U.S. home sales fell to the lowest reading on record in February, signaling the housing market distress is not yet over.
The Chicago-based group's seasonally adjusted index of pending sales for existing homes fell to 84.6, which was 21 percent below year-ago levels.
Wall Street economists surveyed by Thomson/IFR had predicted the index would inch higher.
An index reading of 100 is equal to the average level of sales activity in 2001, when the index started.
Once again proving that whenever you hear an "expert" tell you anything, make sure you do the exact opposite.
And as expected the MSM is chocked, shocked I tell you once again that the housing crash is not about to end any time soon. Note to MSM: the crash is just starting in earnest now. Last year was the appetizer. This year is the main course followed by desert and coffee in 2009. Of course tehre will be many more predictions that the bottom is here and now is a great time to buy. Believe the experts and the media at your peril.