Lereah Blames Declining Sales on 'Weather Disruptions'
- The Northeast region was down 1.3% as compared to January 2006.
- The West region was down 7.0% as compared to January 2006.
- The Midwest region was down 10.8% as compared to January 2006.
- The South region was down 11.8% as compared to January 2006
"We are seeing temporary near-term weather disruptions in much of the country, but there is an underlying pattern of stabilization in the housing market, … As a result of these weather disruptions, it may take a couple months for the picture to fully clarify, but a modest recovery is likely. Housing remains a great long-term investment. The rapid shift in January to frigid air in much of the country had a cooling affect on home shopping that went beyond normal seasonal factors, … Weather disruptions have continued since.”
Lereah is pathetic in trying to blame it on the weather. In fact, I went to NOAA's website and found the following maps showing weather conditions for January.
January 2007 Precipitation in US: Overall about normal
January 2007 Temperature in US: Overall about normal
These weather maps shows temperature and precipitation conditions in the US in January. Overall, for the country the temperature conditions were about normal (with the east coast and Midwest experiencing above normal temps, and the southwest experiencing below normal) and the precipitation was about normal.
Where is Mr. Lereah's evidence for the claim the weather significantly impacted sales? Mr. Lereah is wrongly blaming the weather for the continuing decline of housing sales. Mr. Lereah is getting more desperate as his half truths, spin and deception are further exposed.