Housing and foreclosure analyst Mark Hanson sends along some more reasons to be a bit sceptical when looking at today’s big existing home sales leap.
Here’s a few of the internals he cites:
- Existing Home Sales would have been negative over June if not for the increase in Northeast Condo sales
- Single Family Detached sales were DOWN 5k units m-o-m
- In the all-important Western region, existing sales were DOWN 10%.
- Last summer selling season, existing sales were up 5 months in a row going into July
- Foreclosure activity in July increase by 24k m-o-m – more than existing home sales
The bottom line: This kind of jump in July is common on a non-seasonally adjusted basis. But when you ignore the headline number, and strip out stuff like foreclosures, you see there’s still significant weakness in key aspects.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.