Existing home sales lower on yearly basis for 4 straight months


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%.

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  • convoluted
    , contributor
    Comments (2488) | Send Message
     
    Well, I told all of you good folks to short at 25-I've been a broken record, I know. But, when you find a recurring pattern, why not milk that cow?
    Now, how long will it take for ITB to trek back to 25? Who cares? Just set your hook for >25 or so and wait. I assure you that the fish will swim by your boat sooner or later.
    20 Mar 2014, 01:51 PM Reply Like
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