Existing home sales increased by 3.1% from last month. Year over year, the sales dropped 13.2%. Inventories rose by 17.9% to 11.2 months supply. That is the highest level since April 2008. Prices dropped by 7.1% compared to last year. June 2008 data was revised lower by 10,000 to 4,850,000.
The drop in price seems to have helped home sales. But with the inventories still rising, it's going to be a while before we see a rebound in housing. There seems to be more downside risk then upside risk.
And as we have said in the past, mortgage rates and labor markets are going to be the keys to prevent housing from a further free-fall.
The content contained in this blog represents the opinions of HousingDepression.
This commentary in no way constitutes investment advice. It should never be relied on in making an investment decision, ever. Nor are these comments meant to be a solicitation of business in any way - such inquiries will not be responded to. This content is intended solely for the entertainment of the reader, and the author. We may hold either long or short positions in securities of various companies discussed in the blog. The information in blog may contain misspellings and other inaccuracies. It is provided "As IS," without express or implied warranties of any kind. HD represents all rights to the information.
Technorati Tags July,ExistingHomeSales
No comments:
Post a Comment