Existing home sales dropped to 4.86 million in June, down from 4.99 million in May and below the 4.95 million consensus estimate. Year-over-year, the figure is down from 5.75 million, or roughly 15%. Inventories up. Prices accelerating on the downside. Even “solid” markets getting hit. The “housing is bottoming” crowd’s going to have to look hard to find the silver lining in this.
Chart courtesy The Mess That Greenspan Made
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