Existing Home Sales Plunge Downwards

Peter’s commentary:

Existing home sales dropped again.

Houses For Sale Photo credit to TaxRebate.org.uk

Houses For Sale
Photo credit to TaxRebate.org.uk

From ZeroHedge, Feb 23, 2015

With homebuilder sentiment slipping, blamed on the weather (despite improvement in the Northeast), Architecture billings down, and lumber prices down, it should not be totally surprising that existing home sales collapsed in January, which they just did tumbling -4.9% against expectations of -1.8% to a worse than expected 4.82 million SAAR (4.95 expected). This was the biggest January drop since 2010, and is the lowest existing home sales since April. <Source>

And don’t blame the weather. The largest drop in home sales occurred in the West where the weather has been considerably warmer and sunny.

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