Home Sales Plunge to Record Low


Existing Home Sales Swan Dive

Catherine Rampell
NY Times Blog
August 24, 2010

Sales of existing homes plunged 27.2 percent in July, down to their lowest level since the National Association of Realtors began keeping track over a decade ago.

To put this in better context:

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Much of the decline can be explained by the expiration of the home buyer’s tax credit, which probably pulled some home purchases forward that might have otherwise occurred in July or later.

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Beyond the dent this is going to put in the housing component of gross domestic product, economists are probably worrying about what kind of effect the soft housing market might have on consumer behavior.

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