First existing, now new home sales: 276K (yes a record low) on expectations of 330K, and a revised prior of 315K – a drop of 12.4% month over month. And, even worse, prices are dropping as deflation rages: the Home Price Index down 0.3% on expectations of a 0.1% increase (and previously at 0.5%). Months of supply: 9.1. Stick a fork in it.
From the Census Bureau:
