Whoops! Existing Home Sales Drop Well Below Forecast

Jon Market Commentary, Real Estate

Of course, this was not unexpected for anyone who reads my work…
The seasonally manipulated adjusted rate fell to 4.93 million – well below the expected rate of 5.2 million. Note: this is a statistically calculated annualized rate and bears no resemblance to the actual sales rate. As we know from an earlier post, SoCal home sales in November plunged 19%. Inventory is climbing quickly, which is consistent with all of the new ‘for sale’ and ‘for rent’ listings all over the metro-Denver area.
More later, but suffice it so say that my homebuilder short-sell reports are very ripe and ready: Homebuilder Reports.

This post was published at Investment Research Dynamics on December 22, 2014.