I love it when the MSM finally catches up. The *really* fun part is when the fundamentals point to rising home prices... but the MSM helps the sheeple push them down more. :) But that's years away:
http://biz.yahoo.com/bizwk/070727/jul2007db20070725384162.html?.v=2
First, it was the second half of 2007. Then it was 2008. Now analysts are saying the national housing market may not rebound until 2009
On July 25, the National Association of Realtors reported that sales of existing homes fell 3.8% in June to a seasonally adjusted annual rate of 5.75 million units, contributing to the bleak-and-getting-bleaker outlook.
Now, the rest of the article gives too much space to NAR spin... so the MSM isn't yet ready to accept the full story. Oh well. Wall street is interesting again today.
DJIA now is at: 13,354
Nasdaq: 2578
S&P: 1468
I'm quite surprised at a summer bear market. If this continues for much longer, it will gain a momentum of its own. It just might.
Now with the LBO market (KKR?) or mortgages get the credit for the drop?
But wait, Real estate only goes up!
(But man do coworkers want to get out to non-bubble markets.)
Got popcorn?
Neil
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"First, it was the second half of 2007. Then it was 2008. Now analysts are saying the national housing market may not rebound until 2009"
This sounds eerily familiar from what I read from "The Money Game" by Adam Smith, P.179
"It is a sobering experience to read through-as I once did-all the Wall Street Journals and Barron's from 1929 to 1933. Quarterly, reports came out saying "the outlook is favorable" "a sustained recovery is on its way" and so on."
Even back then, the Wall Streeters tried desperately to spin the good news like a top.
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