After disappointing existing home sales (following a notable drop in homebuilder confidence), new home sales modestly disappointed in June (610k vs 615k exp) with a small downward revision to May…
(the 3rd downward revision in the last 4 months).
Perhaps more notable is the 3% drop in median home prices YoY following a big downward revision in May (from record $345,800 to $324,300).
Of course, homebuilders remain blissfuly ignorant of the actual state of the housing 'recovery' – with the biggest gap between hope and home sales ever…
And as the real estate market's data collapses, optimism remains…
via http://ift.tt/2w0sEW6 Tyler Durden