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NBC turned to the real estate market for its lead, dramatizing the steepest decline in house prices in 20 years with publicity for a stunt by the homebuilding firm Hovnanian. "Call it a fire sale but do not call it a going-out-of-business sale," declared CNBC's real estate specialist Diana Olick. Hovnanian, whose corporate value on the stock market has been slashed by 75% this year, is trying to clear 1,000 houses from its nationwide inventory this weekend, cutting its asking prices by as much as $100,000. Prices are being driven down for the classic reason, Olick stated simply: "The supply of new and existing homes for sale across the nation far exceeds demand." She ticked off the states where prices are falling fastest--those that led the boom (Cal, Fla, Ariz, Nev) and those where the local economy (Mich, Ohio) is in trouble.
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