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Last Month Neil Cavuto Spun That the Housing Market Might be in a "Rebound." This Month the Numbers Are Worse Than Ever and He's Mum

Reported by Melanie - April 8, 2008 -

On March 6, the National Association of Realtors released their monthly report as to the number of contracts signed to buy previously owned homes. The report showed that movement was flat in January (it has since been revised upward by 0.3 percent).

That afternoon, Neil Cavuto hosted a segment titled: "Pending Home Sales Steady in January: Sign of a Rebound?" Cavuto's guests were Danielle Babb, identified as a real estate agent, and Gary Kaltbaum, a Wall Street investor.

Babb, a frequent guest on Cavuto's show, insisted that the real estate crisis is regional and there are many places where one can buy homes. She repeatedly insists that her clients are getting mortgages so she isn't a big believer in their being much wrong to begin with (she's a perfect Fox guest which is probably why she's on so often). Cavuto, of course, repeatedly insists that something like 95% of homeowners are paying their mortgages on time so what's the big whoop. Kaltbaum, however, said we will fall farther before the mortgage/credit crisis is over.

Today (April 8, 2008), the National Association of Realtors released their report as to February contracts. Economists expected a drop of 0.1 percent, but, "Projections ranged from a decline of 1.5 percent to a 1.5 percent gain." In fact, the index dropped by 1.9 percent, "to 84.6, the lowest reading since records began in 2001." Compared to a year ago, "the measure was down 21 percent."

Predictably, Cavuto didn't do a segment today asking whether these numbers showed we were in a rebound, nor did he do a segment asking how much farther we're going to fall. As a matter of fact, he didn't mention this news at all though he did have time for "business news" like two segments about Iraq's nuclear program (undoubtedly aimed at bolstering General Petraeus's testimony on Capitol Hill today) and a rather lengthy interview with Piers Morgan, the winner of "Celebrity Apprentice."

Again, no news or even slightly good news is made a big deal of, but bad news is either swept under the rug or entirely absent from Fox "business news." Wouldn't want to shatter the image Fox regulars have of what a great job the GOP is doing running the country.