Existing Home Sales Miss (Again); Weather & “Unsuitably High Price Levels” Blamed
by Tyler Durden
ZeroHedge.com
03/23/2015
Following January’s disastrous dive in Existing Home Sales (which must be weather, right? Nope!) to a SAAR 4.82 million homes, February (with its even worse weather) saw a 4th month of missed expectations with a 4.88mm print against 4.90 mm expectations. As always, weather was blamed – which is odd given that the only drop in sales that occurred happened in The Northeast which accounts for just 12% of total transactions. Perhaps more worrisome is NAR’s Larry Yun noting “unsuitable price levels” as a reason for weak sales due to low inventories (despite inventories rising 1.6% in February?!). May be it’s time to blame The Fed… for not creating more rich people to buy more houses…
The Rest…HERE
