US Existing Home Sales Suffer Biggest Annual Drop Ever

  • US existing home sales dropped for the 11th straight month in December (-1.5% MoM – slightly less than expected thanks to downward revisions of previous months), leading to a record 34% drop year-over-year (worse than the worst drop during the Great Financial Crisis).
  • This disappointing drop in existing home sales happened despite the fact that mortgage rates have now fallen for three straight months.
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