Existing home sales lower on yearly basis for 4 straight months

|By:, SA News Editor

Existing home sales fell Y/Y for the 4th consecutive month, but that issue won't necessarily extrapolate to the builders and new homes. Behind the surge and now contraction in existing home sales is the binge and now slowdown in distressed purchases by Blackstone and other institutional buyers.

"The institutional wave has passed," said Blackstone's Jon Gray last week.

Nevertheless, the builders are struggling today as the sector mulls a combination of higher interest rates and higher home prices. XHB -0.6%, ITB -0.8%.