Diana Olick sets the record straight on existing home sales and the "snow factor"

Two reports, two sets of bad numbers from the housing market. Both new construction and existing homes sold pretty poorly in January, pushing months' supplies up and putting more downward pressure on prices.


But it was the snow I tell you!  All those record blizzards!!!

I heard that a few times this week, and it was included in the weekly report from the Mortgage Bankers about depressed mortgage applications, but the fact of the matter is, bad weather has nothing to do with the storm in housing right now.

Unfortunately, you need to suffer through a few seconds of Simon Hobbs before Diana Olick provides the recap. Suggestion: engage mute until you see Diana..