Home sales increasing? Is this possible, well yes it is! Yesterday we discussed the falling sales and prices for ‘new’ homes, something we don’t have much of in Hawaii. This article from CNN is about existing homes – the typical Hawaii market.
It seems that sales were up quite a bit. Not that the first sentence would indicate that. And of course we can’t have too much good news, so there has to be a reason for this – you guessed it, plummeting prices.
Yesterday they plunged, today they plummeted. Check out this first sentence:
“Sales of existing homes rose slightly more than expected in May as home buyers responded to plummeting home prices, according to an industry trade group.”
Source June 26, 2008 article by Ben Mooney CNN Money
What a bunch of ‘stuff’. A 2% monthly gain is in no way ‘slightly more’. It is amazing that the media just can’t stand good news. The entire remainder of the article tries to talk down what has happened. Notice the statement that homebuilders are the “authentic sellers” and yesterday’s new home sales report gives a “better view of what the market is like.” What is this guy on?
According to this article, Hawaii doesn’t even have a true real estate market because our sellers aren’t “authentic” and only ‘new home sales’ represent what the market is like.
Now here comes the amazing part of this article. The conclusion to an article about increasing home sales is –
“the housing market is probably still weakening.”
Give me a break. This article calls for not one, but two air-sickness bags. We therefore rate this article as a two-bagger.
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