US home sales way worse than expected

www.tradingfloor.com
Fewer keys to American homes switched hands in August as sellers went searching for buyers.

A drive through any American neighbourhood will reveal that there are still a lot of For Sale signs. These signs are scattered all across the nation and todays report suggests that they will continue to be so for a long time. After a good July, the sale of existing homes in the US took a nosedive in August as no more than 5.10m houses were sold on an annualized basis. Analysts had expected a month-on-month increase of 2.1%, and they would have come close if they had only placed a minus sign in front. Sales in other words dropped 2.7%.

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