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Called the worst "one-month decline … in 18 years" by the LA Times, existing home sales fell 8.4% from the previous month. I won’t spend too much time on it here because its been covered here, here and here. (graphic from the above LA Times article)
Just one thing to point out – the main stream media keeps citing the NAR’s excuse of "harsh weather" as a major factor of the decline. I would say that winter weather may account for 1 – 2% of the total; but for the NAR to keep throwing lame azz excuses out there instead of just sucking it up and admitting that there is a problem is just … irresponsible. More on that later.
UPDATE: Matt Carter at Inman News Blog does a nice job of shooting a hole in the "weather" theory showing the largest drop in home sales was in the "sunny western states" as Matt says "Maybe people were worried about exposure to the sun’s ultraviolet rays? "
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
- Goldman bonuses largest in firm's 140-year history - June 21st, 2009
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