Here they go again, as the Great Communicator was fond of saying. The November 29 edition of USA Today shrieked at readers: Home prices plunge further; Declines likely to go on as sales fall." They wrote further: "The median price for an existing home plunged by a record 5.1% in October, shrinking values back to March 2005 levels." Gosh, a 5.1% drop in one month? Quick, Martha, call a Realtor®. We need to do something fast.
Well, not exactly. USAT was citing a National Association of Realtors® press release of November 28, which stated in part: "The national median existing-home price for all housing types was $207,800 in October, down 5.1 percent from October 2006...." So, in fact, the "phantom national market," as I like to call it, experienced a rather unpleasant decrease in prices, but hardly a "plunge." The NAR release goes on to cite those areas like Charlotte, NC, San Francisco, Albuquerque and Green Bay WI, where there were healthy price gains. No mention of those areas in USAT. Quelle surpris as my French friends like to say.
Will someone please create a truth squad to hammer these fear-mongers and truth-distorters?