Home -> Law Blog Directory -> Bailout Blogs -> Calculated Risk

Bailout

: Calculated Risk

Existing Home Sales Preview

By Anonymous

Last month it was obvious that the consensus forecast for existing home sales was way too high. For July, the consensus was 4.65 million on a seasonally adjusted annual rate (SAAR) basis, and the National Association of Realtors (NAR) reported sales of 3.83 million SAAR (the lowest sales rate in almost 15 years).

Tomorrow (Thursday), the NAR will report existing home sales for August at 10 AM ET (existing home sales are counted when transactions close). The consensus is for an increase to 4.1 million (SAAR) in August from 3.83 million in July, and down sharply from the 5.1 million SAAR in August 2009.

Housing economist Tom Lawler is also projecting 4.1 million SAAR.

Other key numbers will be the the level of inventory and months-of-supply.

Inventory will be close to 4 million houses (not seasonally adjusted).

That would give about 11.5 months-of-supply, and that level of supply will put downward pressure on house prices.

Excluding July, the last time sales were this low was in 1997. And based on the MBA purchase index, I don't expect much of a sales increase in September or October either.

Full post as published by Calculated Risk on September 22, 2010 (boomark / email).

Bloggers, promote your law blog by nominating your blog for inclusion in USLaw.com's Law Blog Directory and RSS Reader. Benefits described.

Related Law Articles

House Closing
Sealing a home sale

Lawsuits and Settlements

Pre-Existing Conditions
Insurance companies to pay over $2.1 million settlement in claims lawsuit.

Female Sales Reps Win Gender Case Against Novartis
Female Sales Reps Win Gender Case Against Novartis

YTB International
Sales Agents Seek Class Action

Ticketmaster
FacesThird Class Action Alleging Fraud Related to Ticket Sales

Coca-Cola Co.
has agreed to pay $137.5 million to settle a securities lawsuit claiming the company artificially inflated sales to boost its stock price.

Sales to Iran
Software company to pay $132,791 settlement in conspiracy lawsuit.

Related Searches