Homes Sales Down 15.5% YOY and down 2.6% from last Month
The existing home sales report was yet another blow to those who think housing is bottoming out. Home sales dropped 2.6 percent from last month and 15.5 percent from June 2007.
Prices dropped 6.1 percent. And yet the worst news of all? Inventory rose to 11.1 months. That is an increase of 2.8% from last month and 22 percent from last year! For those trying to find a bottom in housing? Good luck.
As we have said in the past - inventory, interest rates, and the labor markets (and by extension economy) are still the biggest threat to the housing markets. And none of them look good at this point.
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