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May 24, 2007

This is good news?

"The Commerce Department said new single-family home sales rose 16.2 percent in April, ahead of economists' forecasts, though prices fell a record 11 percent in the same period."

Emphasis mine. The media seem to think this story is a positive. The market heading south today tells the true story. The record fall in prices is what matters here - not the percentage rise in sales. The housing market is starting to crumble. Smell the fear...


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