Diary

Here we go again - existing home sales plunge 'much worse than expected'

July’s numbers are in, and new home sales fell off a cliff, dropping nearly twice as much as the “experts” predicted.

Home resales dropped a record 27.2% — nearly twice as much as analysts had expected — to an annual rate of 3.83 million in July, the National Association of Realtors said Tuesday. Meanwhile, inventories rose to 12.5 months from 8.9 months in June, pressuring already depressed home prices. Inventories are at their highest level in more than a decade.

And has also been the pattern with all these figures under Obama, the previous period’s numbers were revised to be worse than originally reported.

The realtors revised their existing home sales figures for June downward, saying existing home sales dropped to a 5.26 million annual rate instead of the initially estimated 5.37 million annual rate.

All that’s lacking now is to say that Bush and the GOP are to blame.