Wednesday, September 05, 2007

Walter Molony should be a Fox News anchor

Record Drop in Pending Home Sales

The National Association of Realtors' pending home sales index, which measures contracts to buy existing homes, fell 12.2 percent to a reading of 89.9.

It is the second lowest reading on record for the 7-year-old index, trailing only the 89.8 reading in September 2001. Economists had been looking for only about a 2 percent decline in the latest reading.

"There are bad reports and then there are truly awful ones. This is clearly the latter," said Mike Larson, real estate analyst for independent research firm Weiss Research. "Even I'm shocked by a 12 percent decline."

Yeah I'd say it's pretty grim. But what does Malony have to say?

But Realtors' spokesman Walter Molony said the large drop isn't a surprise, given that the problems in the mortgage markets seen in July and August were the biggest disruption to the home buying market since Sept. 11, 2001.

Oh my god what masterful use of spin! That's like saying "it's not a surprise you're bleeding" to someone who's just been shot. It's total gobbledegook. I mean, come on. Only when we're hit with a huge terrorist attack do well sell as few homes as we did in July? That's bad, any way you spin it.


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