not SEE why this is such bad news...
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Today NAR released their take on existing home sales.
As you can see from the charts, this looks very different depending on when the chart begins and how many years they show.
What they all show however is that sales dropped, inventories rose and prices dropped.
What they do not show is the fact that interest rates dropped for the last three weeks.
So, that means that new buyers are waiting for the prices to fall, which they are doing, before they buy. Unless they must.
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Prices and Sales of Existing Homes Fell Sharply in February
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Existing Home Sales Off 9.6% in February
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US existing home sales down 3 percent from last year
US existing home sales numbers for February show a 9.6 percent decline from the previous month and a 4 percent drop in prices from last year.
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February Existing-Home Sales Decline following Sustained Gains
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