Home Sales Report Released Today

Bad News - Good News from the National Association of Realtors in a housing report released today. I personalized this format:

Bad News
The National Association of Realtors' revised monthly prediction calls for U.S. existing home sales of 5.9 million in 2007, down from 6.5 million last year.

Good News
The forecast was below last month's prediction of a 6.8 percent drop.

Bad News
This year's sales would be the lowest since 2002, when sales hit 5.6 million. Home sale prices this year are forecast to drop 1.7 percent to a median of $218,200.

Good News
This trend is coming off a robust, record-breaking cycle and, furthermore, sales this year are stronger than expected in the Northeast which has been economically weaker.

“The rise in sales and prices in the Northeast region on a fairly consistent basis in recent months is promising because this was the first region that underwent sales and price weakness after the boom. Now, it appears that it will be the first region to climb back, indicating that other regions could follow a similar path," quote from Aug 27, 2007 report.

Bad News
Lawrence Yun, NAR senior economist, said unusual disruptions in the mortgage market are dampening the outlook for home sales, notably for August and September.

Good News
There's plenty of loan options and money available for those with good credit.

Furthermore, homeowners who have lost a home to foreclosure are finding ways to buy a home in the future after waiting 2 - 3 years.

Lesson Learned
Here's a certainty I've finally learned in life. All economic news can be perceived as Good News - Bad News or vice-versa!