Attention to November’s 0.4 percent increase in existing homes sales compared to October cannot whitewash the 20 percent drop in sales from last November.
The grim reality is that there are more homes for sale on the market than last year at this time, fewer of those homes are selling, and when they do, they are selling for less money. No amount of spin from the National Association of Realtors or from the media looking for an upbeat story as we end the year is going to convince Americans that the housing market has now stabilized and is poised for a rebound.
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