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[Existing Home Sales] Unexpectedly Drop 2.7%

[1]
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After four consecutive months of seasonally adjusted gains, the

NAR existing home sales stats show a decline that was something unexpected [2] happens.

The salient points: [1]

As Lawrence Yun, NAR Chief Economist, who is quite adept at cherry picking the data to show it in the best light (that’s his job).

Some of the give-back in closed sales appears to result from rising numbers of contracts entering the system, with some fallouts and a backlog contributing to a longer closing process….

…actually says something the should resonate with most who follow this stuff:

…but the decline demonstrates we can’t take a housing rebound for granted.

UPDATE: Just a Blip? Why Housing Keeps Bouncing Around [3]