Existing Home Sales Drop a Record 27%!

by John McClellan on August 24, 2010

Existing home sales dropped a record 27% today.  Consensus was 4.7M; however, the number came in at a much lower 3.8M, and MBS markets acted accordantly to the bad news and are currently rallying.   This report is  only for existing home sales expressed on an annual basis.  This lack of demand signals a future slowdown in the housing market and could lead to future price declines nationwide.

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