Existing Home Sales Slide 2.2%...

by Barry Ritholtz....The Big Picture


We see more evidence that next leg down in Housing has begun, as sales of existing houses fell 2.2% to an annual run rate of 5.66 million sales. These transactions include tax subsidized contracts signed by April 30 and closing by May 31st. Hallucinogenic economists had actually forecast a rise to a 6.12 million rate, according to a Bloomberg survey of 74 stoners.