Thursday, July 19, 2012

Existing Home Sales Remain Weak

The Lehmann Letter (SM)

The National Association of Realtors continues to speak optimistically of a housing recovery because of improved affordability, shrinking inventories and firmer prices:

But June existing home sales fell to 4.37 million. Place that number on the chart and decide for yourself.

Existing Home Sales

(Click on chart to enlarge)

(Recessions shaded)

What do you think?

A recovery may be imminent. Some of the housing data is up. (Yesterday’s Letter reported a jump in housing starts.) But consistent evidence of strength remains elusive.

(To be fully informed visit

© 2012 Michael B. Lehmann

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