Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly revised 5.26 million in June, and are 25.5 percent below the 5.14 million-unit level in July 2009.
Am I the only one not surprised by those headlines. This was the biggest no brainer since car sales tanked after the cash for clunkers program. Really, are we to think they expected sales to stay the same after the government give away ended.
I have started to notice the inventory climbing in the nicer areas. A few months ago there was hardly anything in some of the areas I keep an eye on. Not any more. The inventory is definitely climbing with the slow down in sales.