The Wall Street Journal is reporting this morning that “Existing-home sales rose a second month in a row during May, but prices again fell sharply.”
Gee, do you think there might be a cause and effect involved here which has absolutely nothing to do with bank bailouts or TARP funding or any other government program? Do you think the fact that home prices – which were obscenely high and over-valued two years ago – have come down to a level where the average Joe can once again afford them has anything to do with the fact that home sales are starting to rise?
I’m no professional economist, but…..duh.
Truth be told, the crashing real estate market has been a blessing for a lot of people who heretofore had been shut out of the American dream of owning a home. Let’s hear it for the foreclosure crisis and the little guy! Hip-hip-hooray!
