Aug 25
Yesterday’s existing home data was ugly. It was coyote ugly. It was so bad that forecasters would probably be willing to chew off a foot to be able to get out from under their predictions. Yesterday’s data indicated that the pace of existing home sales, a seasonally adjusted annual rate of 3.83 million. Many expected the pace of home sales to decline now that the home buyer stimulus programs have expired, but the decline reported yesterday indicates the real estate market is severely impaired. A glut of homes, more restrictive lending standards and a poor job market are conspiring to keep the housing market in an impaired state.
via Seeking Alpha.
