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PrintJune 21, 2011
Existing home sales fall to 6-month low
Existing home sales dropped nearly 4% from last year to the lowest rate since last November.
And there's a reason you feel a little poorer this month if you're a homeowner; your home lost about 5% of its value from this time last year.
Yes, but it's better than expected:
Economists polled by Reuters had expected sales to drop 5.9 percent to a 4.80 million-unit pace from the previously reported 5.05 million-unit rate.
When a 4% decrese in sales is "better than expected" you know the economy is in real trouble.
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