House Sales Tank to 6 Year Low - NAR Blames Credit Crunch

Hat tip Keith at HousingPanic for this symbolic photo.  Existing home sales are down 21.5% year over year and hit a 6 year low, the National Association of Realtors reported today. It is the lowest number reported for existing home sales since the NAR started tracking the number. Larry Yun, the court jester hired to put a happy face on gloomy numbers for the NAR blamed the credit crunch for the dismal housing sales: "The volume of activity we're seeing today is below sustainable market fundamentals because some creditworthy people are trying to buy homes but can't because of the credit crunch," Yun noted. I've got a slightly different hypothesis, Lar; people that have zero liquid reserves and mediocre credit scores are finding it impossible to buy their dream McMansion with 100% fi