'In The Money' Fans Fear of Recession with Housing Doom Story

March 5th, 2007 5:50 PM

"Well you know I wish I had better news, but the numbers this week were just horrific," said CNN correspondent Gerri Willis.

The numbers she referred to were home prices and new-home sales, which were down. After briefly mentioning the increase in existing-home sales (which make up a larger share of the housing market), Willis dismissed it.

With the help of CNN's Allen Wastler, the duo played up fears of recession on the March 3 program.

Wastler and Willis wrapped up the housing segment playing on viewers’ fears of a recession after an up-and-down week on Wall Street. Willis said the question wasn’t simply what happens in the housing market, but in the overall economy.

“The conversation about recession this week isn’t just bad for the stock markets; it’s also bad for housing,” Willis said. “When people lose their jobs, we know what happens.” You can read the Business & Media Institute article here.