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…


…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. Comments off.

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