Some figure for Existing Home Sale today!!

8/21/09

Housing and foreclosure analyst Mark Hanson sends along some more reasons to be a bit skeptical when looking at today's big existing home sales leap.

Here's a few of the internals he cites:

• Existing Home Sales would have been negative over June if not for the increase in Northeast Condo sales
  
• Single Family Detached sales were DOWN 5k units m-o-m
  
• In the all-important Western region, existing sales were DOWN 10%.
  
• Last summer selling season, existing sales were up 5 months in a row going into July
  
• Foreclosure activity in July increase by 24k m-o-m - more than existing home sales

My comments: No comment! Time will tell if this is seasonal or not!!