If you were optimistic about a housing rebound, think again. Existing home sales plummeted in July at a rate of -27.2% versus a consensus expectation of -13.4%. The biggest piece of the news release from the National Association of Realtors:
“Sales are at the lowest level since the total existing-home sales series launched in 1999, and single family sales – accounting for the bulk of transactions – are at the lowest level since May of 1995.“
Graphically, Calculated Risk put it best:
It’s hard to see how this could be positive for home prices or the overall economy.
