NEW YORK (TheStreet) -- Eyebrows were raised all over Wall Street this week, and likely on Main Street, too, after the U.S. Commerce Department released its single-family home sales figure for March.
The news wasn't good for the real estate market, as sales fell by 14.5% for the month, and 13.3% against March 2013 figures.
Economists had estimated March residential homes sales at 450,000, but the market saw only 384,000 homes move from seller to buyer.
The BULL S market may have longer to run, higher to go. But from above stats, and others like people dropping out of the labor force to keep record low participation rate.....things may not be what they seem.
Even the new Pontif in Rome commented on the " trickle down" economics which he questioned was bringing equality to the world. NO, the current environment is bringing the largest gulf between the haves and nots and I think something is going to give down the road.
For a large percentage of people, maybe it seems like it is business's as usual. There is nice activity in certain sectors, but at same time many retail stores are closing locations, pulling back.
I think all the actions, now 5 years in, are part of a GRANDE experiment perpetrated by just a few people. Zero int rates still leave 50% of those wanting to sell their homes unable to do so.
Mortgage rates of 4.3% are said to be HIGH, and a culprit to slower sales.....need I add more?