Existing-Home Sales
The NATIONAL ASSOCIATION OF REALTORS Existing-Home Sales Series is the premier measurement of the residential real estate market. On or about the 25th of each month, NAR releases statistics on sales and prices of existing single-family homes for the nation and the four regions.
Existing-home Sales includes sales of single-family, town homes, condominiums and co-ops, based on transaction closing.
Bump and Run
Here's a link to listen to an Audio Version of the report:
I saw an AP report yesterday afternoon where the first line read, “Wall Street abruptly ended an earnings-driven rally and closed sharply lower on Thursday…” My problem here is that anyone believing that the recent bounce higher in stocks was “earnings driven” is delusional. As we’ve mentioned a time or two over the past week, the blast seen in stocks since the 15th of July had little to do with earnings and a lot to do with a legislative induced short squeeze.
Unfortunately however, the rest of the line wasn’t much better as the writer continued with, “…a steeper-than expected decline in existing home sales and worries about the financial sector chilled the market’s recent enthusiasm.” And while I will award the author style points for the bit about the market’s enthusiasm suddenly becoming chilled ...
