Existing home sales plunged in November. According to the NAR, the pace of sales fell by 6.1%, to an annualized rate of 4.93 million units. Wall Street had been expecting sales to fall 1.1% to 5.20 million units. Today’s numbers showed the largest drop since July 2010. Economists had a mix of reactions to the data: Bank of Tokyo-Mitsubishi’s Chris Rupkey said the October sell-off in stocks may have shooed away some first-time buyers out of fear. He wrote in a note: “Maybe October’s 10% stock market drop worried some homebuyers. Stock market weakness on Russia/Ukraine and world growth …read more
Source: Business Insider
