After July’s housing sales data horrors, yesterday’s permits rebound prompted some hope (despite last week’s 9.7% collapse in mortgage applications) but August’s existing home sales just crushed that dream, dropping to one-year lows. Following a 1.3% MoM decline in July, August saw existing home sales tumble 1.7% MoM (against expectations of a 0.2% rebound) and up just 0.2% YoY.
This is the 3rd monthly decline in a row…
Dropping SAAR sales to one year lows…
This post was published at Zero Hedge on Sep 20, 2017.
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