November Home Sales Drop
U.S. November Existing Home Sales Fall 1.7% to 6.97 Mln Rate
Dec. 29 (Bloomberg) -- U.S. sales of previously owned homes declined last month to the lowest level since March, adding to evidence the housing market is cooling.
Home sales dropped 1.7 percent to a 6.97 million annual rate from October's 7.09 million pace, the National Association of Realtors said today in Washington. The number of homes for sale increased to the highest level since April 1986.
Here is a link to the data:
November EHS Data
The largest drop was seen in the Northeast with a -2.7% drop versus last month, and a -4.4% drop versus last year (seasonally adjusted of course). Evidence is starting to pile up all around us. The bubble burst is going to be undeniable in the upcoming year.
Caveat Emptor,
Grim
Dec. 29 (Bloomberg) -- U.S. sales of previously owned homes declined last month to the lowest level since March, adding to evidence the housing market is cooling.
Home sales dropped 1.7 percent to a 6.97 million annual rate from October's 7.09 million pace, the National Association of Realtors said today in Washington. The number of homes for sale increased to the highest level since April 1986.
Here is a link to the data:
November EHS Data
The largest drop was seen in the Northeast with a -2.7% drop versus last month, and a -4.4% drop versus last year (seasonally adjusted of course). Evidence is starting to pile up all around us. The bubble burst is going to be undeniable in the upcoming year.
Caveat Emptor,
Grim
7 Comments:
Grim... also.. besides the drop in sales... take a look at the inventory... in 2004, November and December, it dropped... this year, in 2005, inventory has continued to increase... that's very important for a sea change...
Inventory at it's highest in almost 20 years. Doesn't sound like much of a shortage to me..
Existing home sales slow; inventory highest since '86
grim
FYI... i was watching cnbc yesterday... and was pretty surprised how they called an inversion of the yield curve not an economic indicator but a "myth"... these are the facts concerning an inverted yield curve... since 1950, the yield curve has inverted 9 times... and...
8 out of 9 times a recession has followed... the only time that a recession didn't occur was in 1966... but in that year there was a major economic slowdown... so... you tell me... is an inverted yield curve a myth or is cnbc?
I'm not welcome there. Anything I post is deleted within minutes.
However, I would appreciate if readers here posted there on my behalf.. :)
grim
Two Things:
#1 - Imagine if the mortgage market sold off and yields went higher. This slowdown is occurring in the face of relatively stable long-term rates [albeit a dramtic decrease in ST rates]
#2 - about the inversion - I agree that this effect is "different this time". BUT AREN'T THOSE THE MAGIC WORDS?!?!?!?!
Is a recession forthcoming?
A recession coupled with a mortgage market sell-off = XX :-P
Months supply is based on current sales rate. As the sales rate plunges, monthly supply going to skyrocket!
It's all a scam. The manipulators will down play it and use another indicator that they can spin and twist positive.
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