Thursday, November 17, 2005

CNN Brain Trust


A colleague of mine sent the following statement from a CNN news story to me a few moments ago:

"The housing starts report contains no information on home prices. A separate government report last month showed that the median price for a new home fell 6 percent in September to $215,700. Half the homes sold for more than the median and half for less."

Brilliance! Sheer, unadulterated Brilliance! (HT: Wile E. Coyote) Who would have guessed that
the number of houses that sold at prices higher than the median price would be exactly the same as the number of houses that sold for less than the median price?

This is just a quickie, but I just couldn't resist sharing this demonstration of the depths of economic know-how by our friends at CNN.

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