Zachary Karabell

As of late, the networks just can't get enough of bad housing news, seizing each opportunity to make a point how bad the American economy is.

Each of the network news broadcasts on May 27 - ABC, CBS and NBC - took the news that home prices fell 14 percent in the first quarter of 2008, despite the news that new home sales rose an unexpected 3.3 percent in April from March, to portray the economy in a very grim light.

"The downward slide for home prices is only picking up speed," CBS correspondent Anthony Mason said on the May 27 "Evening News." "The 14 percent plunge nationally was led by Las Vegas, where prices have fallen more than 25 percent over the past year. Miami is down more than 24 percent, Phoenix - 23 percent. Among the 20 major cities surveyed, only Charlotte showed a meager gain and analysts can't see a bottom yet."