Existing Home Sales Update

The November results came out today for existing home sales, and they were far worse than anticipated.  Here are the year over year stats:

• Rate:   4.49mm down 11% from one year ago (5.02mm).
• Prices:   $181,300 down 13% from one year ago
• Inventory:  11.2 months, up from 10.3 months last month!  This is the largest it has been.
• Foreclosures:  45% of all transactions

Prices have fallen the most out West, and not surprising, existing home sale data is the strongest there.  We won't see a recovery until we see a pricing bottom which we may have seen in our Western markets.

Here’s the full story:

http://www.bloomberg.com/apps/news?pid=20601087&sid=av.sqUTa2.T0&refer=home