Existing Home Sales Hit 15-Year Low; Housing Market Weakens
Sales of previously owned U.S. homes dropped more steeply than expected in July to their lowest pace in 15 years, an industry group said Tuesday, implying further loss of momentum in the economic recovery.
The National Association of Realtors said sales dropped a record 27.2 percent from June to an annual rate of 3.83 million units, the lowest level since May 1995. June's sales pace was revised down to a 5.26 million-unit pace.
Traders site adds:
Housing Stocks Moving Higher Even Though Existing Home Sales Are Horrendous
Let’s get right to the point: There's nothing good that can be said about the report that came out earlier. Existing home sales dropped off a cliff -- it's that simple.
But, once the news broke that homebuyers are nowhere to be found, a strange thing happened; several of the companies within the homebuilders space started to run higher.
Is it bears sensing a 'couldn't get worse' and fleeing their position? Or are they manipulating markets (I have no clue how) - to get a better position to pounce and tear it all to shreds in a way worse than we've seen thus far?