The coma patient has stirred....

Normally, I don't comment on the likes of the article below.

On the face of it, they're ridiculous. But this one was more ridiculous than most. It was posted on Bend Economy Bulletin board without attribution.

First paragraph. "...existing homes rebounded..."

Just like a cat off the concrete from a seven story building. Hey look, he's moving!

"...buyers snapped up..." More like scrapped up off the concrete. That cat was awfully cheap; he'll make a good stew.

"....may indicate a bottom is forming...." Just as long as you don't read the very next sentence, I guess, which says "...prices are likely to keep falling through 2009...."

Methinks they don't understand the word "bottom."

"The National Association of Realtors said..." Aw. Everything is explained.
Nevermind.

And they best they save for last: "After the stock market crashed last fall, sales of existing homes plunged in October and November, but recovered in December...."

Recovered? RECOVERED?

I think the coma patient stirred enough to mutter a few words.

If you call that a recovery....


WASHINGTON – An index that tracks signed contracts to purchase existing homes rebounded in December, as buyers snapped up properties at deep discounts, especially in the South and Midwest.

It was the second positive sign in the past two weeks for the troubled U.S. housing market, and may indicate that a bottom is forming — at least for home sales. Analysts, however, caution that prices are likely to keep falling through 2009, and say the outlook for home sales is highly uncertain, especially as layoffs mount.

The National Association of Realtors said Tuesday its seasonally adjusted index of pending sales for previously owned homes for December rose 6.3 percent to 87.7 from an upwardly revised November reading of 82.5, which was lowest month on record. That's better than the 82.3 reading economists expected, according to a survey by Thomson Reuters.

The reading also was up 2.1 percent from December 2007.

Typically there is a one- to two-month lag between a contract and a done deal. Home sales that were pending in December are likely to be completed in the coming weeks.

After the stock market crashed last fall, sales of existing homes plunged in October and November, but recovered in December. Tuesday's pending home sales report indicates January sales data, to be released later this month, may look good too.