The National Association of Realtors reported existing home sales for March yesterday. The report surprised everyone (except me) by showing a slight decline from February and a 7.5% decline from March 2013. Wall Street analysts of course were expecting a big gain in March sales.
I wrote an article for Seeking Alpha which examines the data and analyzes the implications. You can read the article here: March Existing Home Sales Show A Deteriorating Market.
Perhaps the most troubling aspect about the March report is that the “bad weather/dog ate my homework” excuse for poor economic reports is no longer valid. Perhaps our policy implentors should examining the policies they have put in place which are causing the middle class – the primary home buyer – to disappear.