CNNMoney.com has a new tag line. It's called "Mortgage Meltdown 2007". Catchy title, isn't it? Makes me wonder why they insist on sensationalizing things like this...but then I remember, they're in the ratings and revenue business and that's all part of the game.
So the real news is that home sales slipped AND inventory rose, which means that there's a 9.6 month supply of homes for sale, up from 9.1 months in June. According to this article, that is the biggest supply of homes since Oct. 1991. And they blame (in part) the mortgage liquidity crisis.
Read the article here: http://money.cnn.com/2007/08/27/news/economy/homesales/index.htm?cnn=yes
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