July Existing Home Sales Plunge 27.2% - Far Worse than Expected.

[Soul Crusher]

JULY EXISTING HOMES SALES PLUNGE 27.2%
Gregory White | Aug. 24, 2010, 10:00 AM | 1,793 |  32

www.businessinsider.com

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Existing home sales for the month of July fell 27.2%, according to the National Association of Realtors.

This number is FAR below expectations.

3.83 million homes were sold. The expectation was for 4.6 million.

Markets sold off as a result of the data, with the Dow momentarilly below 10,000, but have bounced back since:

Dow down 1.34%
S&P 500 down 1.43%
NASDAQ down 1.68%
Expectations had home sales falling to 4.6 million from 5.37 million in June.

Sales were at 5.66 million in May.

From the National Association of Realtors:

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly revised 5.26 million in June, and are 25.5 percent below the 5.14 million-unit level in July 2009.

Sales are at the lowest level since the total existing-home sales series launched in 1999, and single family sales – accounting for the bulk of transactions – are at the lowest level since May of 1995.

Here are the 15 states with the most underwater mortgages >


Read more: http://www.businessinsider.com/july-existing-home-sales-2010-8#ixzz0xXGYMVd8

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Recovery Summer!

[BM OUT]

Surprisingly.

[MB]

Prices are still too high.  Unless it's a cash deal, who would want to get into a mortgage with the impending economic doom. 

[Soul Crusher]

Prices are still too high.  Unless it's a cash deal, who would want to get into a mortgage with the impending economic doom. 

The point is that people know things are getting drastically worse and don't want to buy something they know will probably be worth less for years to come and have to pay interest on said loan. 

Its common sense to everyone and all but those in DC. 

[dario73]

Bump.


While some fools concern themselves with what Jon Stewart has to say, lets focus on reality.