Submitted by Tyler Durden.
While it seems like everyone 'wants' the housing recovery to be real and organic (and not simply a reflection of limited supply and P.E. investor interest in scraping up the lowest fruit – they have to earn their commish after all), even the NAR couldn't put lipstick on this morning's pig of an existing home sales number. The biggest drop MoM in 16 months and the largest miss to expectations in 24 months is hardly the stuff of a solid foundation for the renaissance of the American Dream. CNBC's Diana Olick speaks the truth on the distressed supply drying up (despite Liesman's efforts to ignore it).
CNBC's Diana Olick explains the reality…
Once again it seems CNBC's embed team just can't get it together so here is the direct link.