Past the Spin: Existing home sales down 15.9% from last year
Ignore the spin folks. Existing home sales are down 31% from their peak in 2005 and nearly 16% from last year. The 2% increase in May doesn’t really tell you much, except for the fact that maybe foreclosure sales are becoming more appealing to folks.
As Calculated Risk so astutely points out May marks the end of the spring season usually touted by Realtors as the time when folks get out and buy a home and all is right with the world. The busy season if you will. No such thing this year.
A graph from CR shows that we’ve found some stability in the home sales for the last couple of months (REO anyone?) while new home sales continue to tank.
