Another rally by the Dow. Dow closed at 12,134.68.
But..
What about news like this? Doesn't it matter?
Record drop for home prices
The article stated that..
- Home prices posted their biggest drop on record in September while sales fell for the sixth month in a row, a real estate group said Wednesday - the latest signs that the housing market is still weakening.
Six months in a row!
The article then reminds that "Month-to-month declines in home prices are not uncommon, but a year-over-year drop is a more serious sign of a slumping housing market."
I wonder how many more signs are needed? Consider the following recent headlines from CNN website.
- Foreclosures spiked in August
Rising payments on adjustable-rate mortgages contribute to 53% jump in foreclosures.
By Les Christie, CNNMoney.com staff writer
September 13 2006: 2:45 PM EDT
NEW YORK (CNNMoney.com) -- With real estate markets slowing and mortgage rates well above levels of recent years, times are getting tougher for homeowners - the number of homes entering into some stage of foreclosure is surging, according to a survey released Wednesday. - Housing starts tumble
Builders pull back on new projects, permits as latest reading shows real estate market even weaker than forecast.
By Chris Isidore, CNNMoney.com senior writer
September 19 2006: 10:50 AM EDT
NEW YORK (CNNMoney.com) -- Home builders slammed on the brakes in August as starts on new homes sank to their lowest level in more than three years, and a drop in permits signaled more weakness ahead for the real estate market. - Home prices: 1st drop in 11 years
Sales slow, prices hit by second biggest year-over-year drop on record; surge of homes for sale seen keeping prices weak.
By Chris Isidore, CNNMoney.com senior writer
September 25 2006: 1:41 PM EDT
NEW YORK (CNNMoney.com) -- Home sales slowed and a key measure of prices fell for the first time in 11 years last month, spurred by the biggest glut of new homes on the market in more than a decade, an industry group said Monday.
Houston, do you think we have a problem?
Oh, today's CNN market rap was named rather nicely. A stock rally about nothing
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