Existing Home Sales Hit 15-Year Low; Housing Market Weakens

Inquiring minds are assimilating the new data announced to day in a report release by The National Association of Realtors. The data is astonishing, to say the least:

Sales of previously owned U.S. homes dropped more steeply than expected in July to their lowest pace in 15 years, an industry group said Tuesday, implying further loss of momentum in the economic recovery.

The National Association of Realtors said sales dropped a record 27.2 percent from June to an annual rate of 3.83 million units, the lowest level since May 1995. June’s sales pace was revised down to a 5.26 million-unit pace.

The record drop in existing U.S. home sales in July showed that the country must still do more to improve the economy, White House spokesman Bill Burton said Tuesday.

Analysts polled by Reuters expected existing home sales to tumble 12 percent to a 4.70 million-unit pace from the previously reported 5.37 million units in June.

Burton’s comment is incredibly dense. And to think that his boss, President Obama, just said last Thursday or Friday in a news conference explicitly told the country that the economy was getting better. He lied.


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