We know why!
From Eric G. Lewis, a freelance cartoonist living in Orange County, CA.By: PAUL JACKSON August 7, 2008
Looking past the usual National Association of Realtors‘ spin, pending home sales actually fell during June, relative to year-ago levels; the group’s widely-watched home sales index fell to 89.0, off more than 12 percent compared to the 101.4 registered one year ago.
The June results represented a 5.3 jump from year-ago levels, although monthly data is not seasonally-adjusted, making monthly comparisons somewhat meaningless. The NAR, however, touted the monthly gain as evidence of a coming “broad-based” housing recovery.
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