Pending and New home sales both tumbled in October, but existing home sales managed a modest SAAR bounce; and while expectations were for some give-back in November, existing home sales managed an upside surprise – rising 1.9% MoM. However, that is the end of the good news.
After a modest bounce in mortgage applications (as rates dropped), they tumbled 5.8% last week (among the worst drops this year) with purchases plunging 6.8%, and that is reflected in the
Year-over-year, existing home sales are down 7% – the biggest drop since 2011 (and this is the slowest sales pace for November in four years)…
This data does nothing to rescue the US housing market from its most disappointing year ever…
But The Fed should probably raise rates… just to be safe right?
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