Home resale UP!!

lower prices....

not bogus at all. NYC RE still in the $hitter

No manhattanfox up to 181k from prior month 174.7k.9see below). National but still good news.

The median sales price was $181,800 in June down 15.4 percent from $215,000 in the same month last year, but up from $174,700 in May.

the money/cnn spin on this makes it sound like it's bad news

http://money.cnn.com/2009/07/23/real_estate/June_home_sales/index.htm?postversion=2009072310

June home sales flat - again
For the ninth straight month, home sales were below the bench mark 5 million rate. Average home price falls 15.4% from last June.
NEW YORK (CNNMoney.com) -- Sales of existing homes disappointed again in June, coming in at a seasonally adjusted annualized rate of 4.89 million, up just 3.6% compared with May, according to a monthly report from the National Association of Realtors.

Home sales peaked in August 2005 at an annualized rate of more than 7.2 million, but sales have not surpassed the 5 million mark since last September, despite a large number of homes on the market, low mortgage rates, a tax credit for first-time homebuyers and low, low prices.

The median price for a home sold during the month was just $181,800 -- 15.4% lower than 12 months earlier.

The sales figures were slightly higher than industry expectations. A panel of analyst forecasts compiled by Briefing.com had predicted that sales would come in at 4.84 million units.

NAR chief economist Lawrence Yun expressed hope that the industry could build upon the modest gain. "We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions," he said.

Did the market timing bears miss the bottom??

We know Steve is a bottom but did he and the other market timers miss out yet again?

Remember I predicted a 10-15% increase YOY by late fall......

The bears keep spinning...the market don't lie.