REMEMBER HOW POOR WE ALL WERE IN 2004?:

September new home sales rise by 2.7% (The Associated Press, October 27, 2008)

Sales of new single-family homes rose by 2.7 percent last month to a seasonally adjusted annual rate of 464,000 homes, Commerce said. Economists had expected sales would drop from the August level.

The median price of a new home sold in September declined by 9.1 percent from a year ago to $218,400, the lowest price level since September 2004, a period when home prices were rising rapidly as the country experienced a five-year housing boom.

The surprising increase in September sales still left them 33.1 percent below the level of a year ago as the country is battered by the worst slump in housing in decades.

A correction isn't a burst bubble.

Posted by Orrin Judd at October 27, 2008 11:35 AM