Housing Sales Experience Biggest One-Month Drop Ever

Last week the Obama Admnistration announced that the housing scorecard showed continued improvements in the housing market.

Oh really?
The sale of existing homes fell 27.2% in July, the biggest one month drop ever.
Market Watch reported:

The sale of existing U.S. homes sank 27.2% in July – the biggest one-month drop ever – largely because of the phase-out of a federal tax credit, according to an industry trade group. The National Association of Realtors said existing-home sales fell to a seasonally adjusted annual rate of 3.83 million in July from a revised 5.26 million the month before. Sales of single-family homes fell to the lowest rate in 15 years. Inventories of unsold homes rose 2.5% to 3.98 million in July, representing a 12.5-month supply, the highest level since at least 1999.

Calculated Risk provided this graph on the current trend:

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Jim Hoft is the founder and editor of The Gateway Pundit, one of the top conservative news outlets in America. Jim was awarded the Reed Irvine Accuracy in Media Award in 2013 and is the proud recipient of the Breitbart Award for Excellence in Online Journalism from the Americans for Prosperity Foundation in May 2016. In 2023, The Gateway Pundit received the Most Trusted Print Media Award at the American Liberty Awards.

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Thanks for sharing!