Mark Hanson has the sobering and real look at today’s existing homes sale report:
1. On a NOT seasonally – adjusted basis, national existing home sales were up 12k units.
2. Northeast CONDO sales increased 16k.
3. Existing Home Sales would have been negative over June if not for the increase in Northeast Condo sales
4. Single Family Detached sales were DOWN 5k units m-o-m
5. In the all-important Western region, existing sales were DOWN 10%.
6. Median house prices were DOWN 2% m-o-m and 15.1% y-o-y on a non-seasonally adjusted basis
7. Foreclosure activity in July increase by 24k m-o-m – more than existing home sales
8. Last summer selling season, existing sales were up 5 months in a row going into July
9. Summer 2009 sales are barely keeping pace with 2008 and much much than 2007 and prior. This is despite prices much lower, rates at historic lows, stimuli and tax credits.
Good thing the stock market is efficient….Some people just don’t do their due diligence before hitting the “buy” button….