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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