WASHINGTON (AP) -- The number of people who signed contracts to buy homes rose in August for the second straight month but remained far below last year's pace. The weak economy and fears that prices will fall are keeping many consumers away from the housing market.
The National Association of Realtors said Monday that its seasonally adjusted index of sales agreements for previously occupied homes rose 4.3 percent to a reading of 82.3. That's still more than 20 percent below the pace in the same month a year earlier.
Economists surveyed by Thomson Reuters had expected the index would rise to 81.4.
Don't you love the part about economists expecting the index to rise to 81.4? I do. It bolsters my contention that economists are far removed from reality and operate on models, dogma, and "data" that insulates them from what's happening in the real world. I'll bet that no economist surveyed by Thomson Reuters has a clue about how the average American family lives or what the price of a quart of milk is. Until the reality of life blows through the sanctified world of the economists, we'll continue to get dumb and nonsensical expectations about the real estate market and the economy.
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