State of the Economy – Existing-Home Sales July 2010

Everyone thought it would be bad, but even the floor seems to have dropped out of the market.

There’s no way to sugarcoat it: Existing home sales plunged 27.2% in July to a 3.83-million-unit annual rate – far worse than expected – the National Association of Realtors announced Tuesday.

Home resales are now at the lowest level since the NAR started tracking them in 1999.

In July, sales fell in all four regions of the country, plunging 29.5% in the Northeast, 35% in the Midwest, 22.6% in the South, and 25% in the West.

But… But this is Recovery Summer! Even the US government can not hold up a bubble. If you could speak to your grandparents who lived through the Great Depression, they might well ask if FDR is still president. They have seen this movie before. On the brighter side, this most likely is close to the bottom.

Oh, and the stock market also took a plunge – the DJIA just holding on above 10,000.

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