"Existing home sales fell 2.2% in October to 4.43 million. The drop was in-line with the Briefing.com consensus estimate of 4.42 million homes sold.
With income and employment moving in the positive direction, existing home sales probably have reached a bottom and will not trend much lower. However, there are still many factors that are contributing to downside pressures.
The most problematic issue continues to be tight lending constraints which are keeping many potential buyers on the sidelines. Even though mortgage rates fell to a record low of 4.23% in October, many buyers simply do not have the credit necessary to obtain lending or the funds necessary to meet higher down payment requirements."
* Tight lending, most don't have high enough credit ratings, or home equity...." Claims fell to low 400,000 level and the recent trend has been one of falling claims....is it seasonal holiday hiring of low paying service sector retail jobs? I think so.
Futures are triple digit green, snap your fingers and now Europe isn't a problem....on one day off the next...expect low volume ramp....bullish holiday bias.
That's it for me today...enjoy your Thanksgiving holiday....enjoy family....best wishes to all my readers.
D
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