Today, new home sales were reported down 10.5%. Which seems not inconsistent with the anecdotal data flowing in. Yesterday, existing home sales were reported (by the NAR, National Association of Realtors) to be up 5.2%. Somewhere, there is a large inconsistency. Other bloggers - Mish, Russwinter have analyzed the NAR numbers in detail to show how unlikely they are (to be true, that is).

The NAR, usually in the form of David Lereah, its chief economist, has repeatedly shown that it will say anything in pursuit of boosting the real estate market and the perceived interests of its members.