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Bloody Hell: August Home Sales Drop 50 Percent

After months and months of cautious reporting, newspapers and magazines are dropping the "slide," "soft landing" and "correction" and whipping out tabloid-fun words like "carnage." Yup, Howard Fine isn't afraid to drop a "carnage" in a LABJ story about how home sales plunged 50 percent in August from a year ago and 25 percent from July in Los Angeles County. (We put this story in Friday linkage, but think it's worth pointing out.) From the story: "Sales of new and existing homes in Los Angeles County slid to 4,107 units in August, just under half the 8,246 units that sold in August 2006 and well below July’s 5,458 units, according to figures compiled for the Business Journal by Melville, N.Y.-based HomeData Corp."
· August Home Sales Take a Major Plunge [LABJ]