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.