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Home Sales: Chart of the Year

If you were optimistic about a housing rebound, think again.  Existing home sales plummeted in July at a rate of -27.2% versus a consensus expectation of -13.4%.  The biggest piece of the news release from the National Association of Realtors:

“Sales are at the lowest level since the total existing-home sales series launched in 1999, and single family sales – accounting for the bulk of transactions – are at the lowest level since May of 1995.

Graphically, Calculated Risk put it best:

It’s hard to see how this could be positive for home prices or the overall economy.

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