Existing-home sales: El Stinko!
Existing-home sales fell 4.1% in July. That's a hefty drop, although the annual pace of sales is still a relatively healthy 6.33 million units annualized pace. Yes, its the the lowest since January 2004, but do remember that 2004 was a record year, as was 2005.
Inventories continuing to rise sharply, while prices are softening, and the gains were the sharpest on record.
Overall existing Sales are down 11.2% over the past year.
Today's housing report was a market downer: The Dow went from plus 20 to down 25 in a short time.
Existing-home sales plunge to a two-year low
Inventories of unsold homes rise to 13-year high
By Rex Nutting, MarketWatch
Last Update: 10:19 AM ET Aug 23, 2006
Existing-Home Sales Dropped 4.1% In July to Lowest Level Since 2004
WALL STREET JOURNAL ONLINE NEWS ROUNDUP
August 23, 2006 11:00 a.m.
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Sales of previously owned homes plunged in July to the lowest level in 2 1/2 years and the inventory [Read More]
Tracked on Aug 23, 2006 1:34:47 PM
I am going to make the claim that this is not just a blip. It is a trend line that will be with us for 2 years.!
Posted by: advsys | Aug 23, 2006 11:23:52 AM
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