Once again, CnnMoney.com has released bad news regarding the state of the real estate market. It appears all fingers point to 09 for the year to stop the downward spiral.
According to CNN, NARS (the national association of realtors) home sales index plummeted 2.6% in November. Ouuch! The article touches upon several items listed by NAR as “favorable” forecasting. Now it looks like they are having to back track on those numbers.
It indeed makes me wonder just how much “marketing hype” plays a role in trying to suggest the market is not as bad as it is. There appears to be nothing but bad news in the industy, as Countrywide seems to be up to their eyeballs from the media too. They allegedly sent out several documents to bankruptcy homeowners saying they still owe thousands of dollars. Their stock tank today by about 20% to around $6 bucks a share.
Posted on January 8th, 2008 by admin
Filed under: Housing Market Conditions
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