Monday, January 25, 2010

Existing Home Sales Fall 16.7% in December; Largest Drop On Record

Sales of U.S. existing homes plunged 16.7% in December to a seasonally adjusted annual rate of 5.45 million from 6.54 million in November as the house purchase tax credit was set to expire. The 16.7% percentage decline from November to December was the largest on record, the National Association of Realtors reported.

Two things to keep in mind here. First, this indicates how manipulated of a "recovery" this. Once the government pulls the support from a sector, it crashes. Second, this is a winter month number. These numbers are notoriously volatile and heavily impacted by weather events.

1 comment:

  1. You think that was a record? Wait til the ALT-A and ARMS reser over the next 2yrs.