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Home Sales Off Again

July 22nd, 2013 - 4:25 pm

Recovery summer:

Existing home sales fell more than 1% in June as the supply of homes for sale remained tight and short-sales and purchases of foreclosed homes dropped.

Sales fell to a seasonally adjusted annual rate of 5.08 million, the National Association of Realtors reported Monday. Economists had expected an annual pace of 5.27 million, according to a Bloomberg survey.

May’s annual sales rate was revised lower, to 5.14 million from 5.18 million.

Short sales dropping, good — although that might indicate Uncle Ben’s effort to reinflate housing is running into snags. And foreclosures down? There are still an awful lot of unpaid mortgages that have the banks have got to get off the books, so we can return to sanity.

But since insanity is the totally on-purpose policy of the day, that’s not going to happen any time soon.

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I'm pretty sure Uncle Ben believes he's doing right by preventing a short term financial collapse, but it's waay hard for me to see how printing this much money could possibly end well.

Though I've never worked on Wall Street, I did knock out an MBA in Finance . . . it's not just looking at the numbers for the growth in the money supply, it's personal memories from the inflation of the 197o's/early 80's. That took a long time to play out from it's origins in LBJ's 'guns AND butter,' and the cure was painful. It will be painful the next time as well.

Best Regards,
1 year ago
1 year ago Link To Comment
Manufacturing orders took a huge dump too.
1 year ago
1 year ago Link To Comment
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