No, that's not me rooting for a quick end to the housing bubble; those are the words of David Lereah, the chief economist of the National Association of Realtors, as quoted in the Wall Street Journal. Yes, this is the same economist who until recently was assuring buyers that house prices will never fall.
The new data on pending sales of existing homes show a year over year drop of 16 percent, yet more evidence that the bubble is bursting.
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
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–David Dayen, Executive Editor
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