The National Association of Realtors (NAR) is at it again. In announcing the Pending Homes Sales data for December, the organization proclaimed that while the market is still soft, it is “skimming along the bottom.” When I took a closer look at their data I found that not only was the market not “skimming along the bottom,” it had blasted a gaping hole right through the bottom, and was plummeting toward the center of the Earth.

The highlights are as follows:
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