Pending and New home sales both tumbled in October, but existing home sales managed a modest SAAR bounce; and while expectations were for some give-back in November, existing home sales managed an upside surprise - rising 1.9% MoM. However, that is the end of the good news.
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After a modest bounce in mortgage applications (as rates dropped), they tumbled 5.8% last week (among the worst drops this year) with purchases plunging 6.8%, and that is reflected in the
Year-over-year, existing home sales are down 7% - the biggest drop since 2011 (and this is the slowest sales pace for November in four years)...
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This data does nothing to rescue the US housing market from its most disappointing year ever...
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But The Fed should probably raise rates... just to be safe right?
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