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Economics
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Written by Jonathan Smoke
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05.27.2008 |
The National Association of Realtors reported existing home sales for April on Friday, and you would have thought from the reaction that they reported a startling decline. The press is fixated on the totals, which are being influenced by a glut of condos. And remember from last week that even more condos are being permitted and started.
NAR reported that total existing-home sales declined 1% to a seasonally adjusted annual rate of 4.89 million units in April from an upwardly revised rate of 4.94 million in March. Single family existing home sales fell 0.5% to a seasonally adjusted annual rate of 4.34 million in April from 4.36 million in March. It is possible and highly likely that these numbers will be revised, erasing this slight decline. |
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