By Sell Puts
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| McMantion |
Look what we have here, more disspointment. Looks like the homebuyers tax credit was the real driver. As you can tell from my sentiment indicator over on the right, i have been bearish since May 9. No real growth here, move along.
(AP Writes) Home sales picked up in the spring when the government was offering tax credits. But the market has struggled since the tax credits expired on April 30.
The sale of existing U.S. homes sank 27.2% in July - the biggest one-month drop ever - largely because of the phase-out of a federal tax credit, according to an industry trade group. The National Association of Realtors said existing-home sales fell to a seasonally adjusted annual rate of 3.83 million in July from a revised 5.26 million the month before. Sales of single-family homes fell to the lowest rate in 15 years. Inventories of unsold homes rose 2.5% to 3.98 million in July, representing a 12.5-month supply, the highest level since at least 1999. The median sales price edged up 0.7% in the past year to $182,600 in July, the NAR said
Remember to check out Bottarelli Research for ways to play the volatility.
The sale of existing U.S. homes sank 27.2% in July - the biggest one-month drop ever - largely because of the phase-out of a federal tax credit, according to an industry trade group. The National Association of Realtors said existing-home sales fell to a seasonally adjusted annual rate of 3.83 million in July from a revised 5.26 million the month before. Sales of single-family homes fell to the lowest rate in 15 years. Inventories of unsold homes rose 2.5% to 3.98 million in July, representing a 12.5-month supply, the highest level since at least 1999. The median sales price edged up 0.7% in the past year to $182,600 in July, the NAR said
Remember to check out Bottarelli Research for ways to play the volatility.
