A brief excerpt:
Over the last month …
1. New listings have declined further year-over-year.
2.Mortgage rates had increased further but declined this week.
3. House prices are declining month-over-month (MoM) as measured by the repeat sales indexes.
…The next graph shows the month-over-month (MoM) decrease in the seasonally adjusted Case-Shiller index. The MoM decrease in Case-Shiller was at -0.86% seasonally adjusted. This was the second consecutive MoM decrease, and the largest MoM since February 2010. Since this includes closings in June and July, this suggests prices fell sharply for August closings.
…
Next Friday, the NAR will release existing home sales for October. This report will likely show another sharp year-over-year decline in sales for October.
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