He provides a graph of: Percentage of listed homes whose prices have been reduced as of 8/2/2006.
In a more positive sign for home sellers, the National Association of Realtors' index of pending home sales in June was up 0.4% from May.
I want to know what exactly is so positive about the above graph. And wouldn't you think the NAR would be just a tad bit biased? Besides, what does the national index have to do with local sales?
Also, note the conspicuous absence of New York in the above graph.
It doesn't matter which way they spin it. New York is having the same "softening". He also fails to mention that there are 14,000 new condos coming on the market in New York. That just screams "MELTDOWN!"
The lesson to take away from the "journalist" seems to be, "Don't pee in the pot that feeds you."
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