CNN/Money: Criminally Irreponsible

Desperate to get the game going again, they are encouraging home buying.

There isn’t even a disclaimer on the article.  At the very least, they should be ashamed of themselves (h/t zero hedge):

Latest down-leg in home prices accelerates

It’s perplexing that the latest down-leg in U.S. home prices has gone virtually unnoticed by the media and the markets. The Case-Shiller index is down in each of the past three months and there is still roughly two years’ of unsold inventory overhanging the market once the “shadow” foreclosure backlog is included.

Meanwhile, as we saw in the latest UofM consumer sentiment survey, demand is dormant as homebuying intentions slipped in December to a level that can only be described as anaemic. Mortgage applications remain near decade-low levels and part of this reflects lingering caution among private lenders who are still maintaining fairly stringent credit guidelines — have a look at Housing Shaky as Lenders Tighten on page A4 of the WSJ. Interesting enough, the banks are once again sending out credit cards en masse — perhaps because borrowers this cycle have ensured that they stay current on their plastic even as they fall behind on their mortgage payments — see Lenders Return to Big Mails on Credit Cards on the front page of today’s NYT.”

Bastards, lying to their readers to benefit themselves.

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