Wednesday, April 9, 2008

More Signs of the Apocalypse: Home Sales Down

By Chris Thompson
Wed, Apr 9, 2008 at 10:56 AM

The National Association of Realtors, an industry group tracking home sales around the country, announced yesterday that home sales have plummeted, spreading fear that the housing market's crash is only going to get worse. The group uses a rather bizarre metric, setting a score of 100 for the year 2001, when the NAR's started their annual analysis, and rating subsequent years relative to that benchmark performance. According to the Associated Press, the index of home sales is currently 84.6, which means, "ain't no one buying homes out there, bro." Some economists hope that buyers waiting to pounce on cheap homes will elevate the market in the latter half of 2008, but no one is holding their breath.

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