Sloppy Seconds

And one more time from the most esteemed paper in the known universe, the much-heralded, Pulitzer prize-winning, self-congratulatory New York Times, we have Jeremy Peters on a repeat of what he said yesterday: Homes Post Price Drop for August.

Home prices fell in August compared with a year earlier, the first such decline in more than a decade.

David A. Lereah, chief economist for the Realtors association, said the price drop was a taste of what the market should expect in the coming months. But he predicted that prices would probably improve next year.

“We’re in for a ride right now,” Mr. Lereah said. “This is the first of many price corrections for the remaining months of the year — for at least the next three or four months.”

Firstly, I like the use of "a decade". Lying through statistics, a true art, if ever there was one!

If they had used two decades, they would've had to reach a different conclusion that price falls do occur, and reasonably regularly at that.

Secondly, why didn't the journalist ask the "Chief Economist" of the NAR why he thought things would improve next year? I mean, if he really believes that shouldn't he be out buying these things before everyone, and sell out at a huge profit later?

But, we all know his crystal ball is lying.

How do we know?

Here's a report Mr. Liarreah made to the NAR internally : link. (Scroll down, it's the third PDF.)

(Warning: I expect the link to disappear!)

I guess when you gotta earn revenue, even the "newspaper of record" has to whore itself out!