I saw that same article on MSN, although it now shows Wal-Mart profits are up, despite lower sales reported.
The other thing it says is more wonderful poopaganda from the National Association of Liars: “The median price of a single-family home fell to $212,300 in the first quarter of 2007, down 1.8% from the price of a home in the first quarter of last year.”
The report said this was the third quarterly drop in a row, the first-quarter decline followed declines in the third and fourth quarters of 2006.
But NAR President Pat Combs said she found the number encouraging.
“It appears the worst of the price correction is behind us,” Combs said in a the press release. And more states are stabilizing, she said, noting Wyoming, the District of Columbia and Arkansas as the top three states with sales increases.”
This BULL$#!^ market doesn’t take any news serisouly. Low Sales at Home Depot means people are doing less work on their houses, whether before a sale or after, indicating the potential for future sales is lessening. If prices dropped before this news, logically they will only fall more because of it. Yet the bulls see this as the end.
I think they should replace the term “bull” with “ostrich.”