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U.S. housing market holocaust, existing home sales crash

Posted on 26 August 2010

From Marketoracle.co.uk: Don’t look now, but someone just pushed the housing market off a cliff. The National Association of Realtors announced on Tuesday that the sales of existing homes fell a staggering 27.2 percent to a seasonably adjusted rate of 3.83 million units.
This is the lowest number of sales since 1995. The reaction on Wall Street has been swift, shares plunged in a wild sell-off that pushed stocks down more than 100 points in a matter of minutes. US Treasuries rallied on the news sending bond yields lower as jittery investors sought safety from the ongoing avalanche of dismal economic data……………………………………….Full Article: Source


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