Home sales down 23.4% vs. last year

The home sales were down 23.4 % from last year. Seasonally un-adjusted, the sales were down 23.1% from last month. Of course, you will see the "Adjusted" -.4% number from MSM.
The median price declined 4.6% to $210,100 from January 2007.

"Subprime loan and other risky mortgage products have virtually disappeared from
the marketplace, and over the past five months, this has been reflected in soft
but fairly stable home sales," Mr. Yun said.

Here is a quote from last NAR press release:

Lawrence Yun, chief economist for the National Association of Realtors,
said the continued difficulty in getting so-called jumbo loans had reduced the
sale of higher-priced houses, bringing down median prices in many markets.

First he is blaming prices going down on the jumbo loans. Now he is saying the subprime loans have slowed down. If slowing of jumbo loans reduces the price, wouldn't reducing of subprime loans raise prices? But you wouldn't ask the MSM to ask those kinds of questions.

The inventories rose 5.5%. That represents a 10.3-month supply vs. 9.7-month supply at the end of December! But you won't here Yun or MSM talking about the supply increasing. It's a nice little footnote.

The downturn is the WORSE downturn since the great depression. Yet, the "economists" at NAR said the market is "scratching the bottom."
By the time this thing is over, NAR will be scratching it's bottom.
http://www.cnbc.com/id/23334948