US Existing Home Sales Print Weakest May Since 2009 Existing home sales in the US rose by a modest 0.75% MoM in May (better than the -1.3% MoM expected), but remain down 0.75% YoY… Source: Bloomberg This is the fourth straight month of YoY declines for existing home sales (down 4% on an unadjusted basis compared with a year ago). “The relatively subdued sales are largely due to persistently high mortgage rates,” NAR Chief Economist Lawrence Yun said in a statement. And don’t expect any help from rates going forward… Source: Bloomberg Overall, this was the weakest May sales pace since… — Continue at ZeroHedge News : Read More
