Market Mover Tuesday: Existing Home Sales Drop 2.2% (forecast was a RISE of 5.5%)

The big number is tomorrow, the drop in new home sales, post dopey homebuyer tax credit which pulled 2 million purchases forward, that’s 2 million less first time homebuyers to move on new housing in the months ahead…

CNBC:

…The National Association of Realtors said sales fell 2.2 percent month over month to an annual rate of 5.66 million units from an upwardly revised 5.79 million-unit pace in April.

Analysts polled by Reuters expected May sales to rise 5.5 percent to a 6.12 million-unit pace from the previously reported 5.77 million units in April….

June 22, 2010. Tags: , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Unemployment Statistics, Wall St.

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