Yesterday Standard and Poor's released their home sales report (using the Case-Shiller index).  The report was for JANUARY!  It showed horrible numbers with the index dropping in half the 20 areas surveyed.

Does anybody remember January?

For most of the month the president was George W. Bush.  Remember?

We had completed the most disastrous holiday shopping season in decades.  Remember?

The ARRA (American Recovery and Reinvestment Act) was but a gleam in the president-elect's eye.  Remember?

The tax credit available to first-time home buyers had to be paid back.  Remember?

Many things have changed since those ancient times.  There have been horrible developments on the unemployment scene.  The stock market plunged to horrific lows, cutting 201(K)s to 101(K)s.  But the stock market has started back.  Money is flowing into those shovel-ready projects.  General Motors may become General Motor.  Much has happened.

Yet, Standard and Poor's still reports - with a straight face yet - the January market as "news."  Yes, January was a terrible month for real estate in most areas of the country.  But that was three months ago.

Remember - there is no national real estate market.  All real estate is local.

If you want to know the current market, come here tomorrow for my March report - yes, March 2009.