Tuesday, May 27, 2008

Home Prices Rise- Press Spins Gloom

In the midst of the press' ongoing doom-and-gloom meme on the United States economy, those pesky little economic indicators suimply don't seem to be cooperating. First, the PRess' attempts to paint the current economy as the worst since the Great Depression were scuttled by the facts- the current economic indicators are all better than the supposedly record highs of the CLinton 1990s. Now, as they prepare for Round Two of the malaise meme, come s the news that the housing market is perhaps not as bad as they would like it to be.

According to a story by the Associated Press on Yahoo! News, the Commerce Department reported today that home sales rose in April. However, the press cannot simply report the good news- they have to inject a little negativity into the story. Reporter Martin Crutsinger writes,
Sales of new homes rose in April for the first time in six months although the unexpected increase still left activity near the lowest level in 17 years.

The Commerce Department reported Tuesday that sales of new homes rose 3.3 percent in April to a seasonally adjusted annual rate of 526,000 units.

But the government revised March activity lower to show an even bigger drop of 11 percent to an annual rate of 509,000, which was the weakest pace for sales since April 1991. Economists believe that new home sales will remain weak for some time as the housing industry struggles with falling prices and rising mortgage foreclosures, which are dumping even more homes on an already glutted market.

It seems to me that if the press would simply cease their scare tactics and allow the market to work as designed, then maybe the economy would do just fine. But that, of course, would put a crimp in the chances for a Democrat to take the Presidency- something that the Press has no intention of allowing to occur.

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