BEWARE OF FAKE NEWS BY REALTOR CARTEL
Sales of all types of properties in the nation’s (by far) largest market last month plopped 27% from last year. Inventory romped higher, and there are now 78% more properties for sale than a year ago. The largest decline in sales (almost 30%) came in the detached sector – which was the crown jewel of properties one year ago. In short, condos up, houses down. Average prices holding steady and running 15% below the peak of last April, when the industry told you to buy because prices would go up forever.

Media coverage has been all over the map. Many swallowed the realtor line that October sales proved the bleeding’s been staunched, a floor established, and the bubble is back in business. After all, that’s what the majority of people want to believe – since they took on heroic debt to score property and will be seriously screwed if it tumbles much more.