Existing Homes Headline Covers Up The Weak Details

house trash

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.

More on today’s numbers here.

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