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Unsold Houses And No Work

Published 07/25/08 Jeff Bennett - Print Article
E-mail - editor@economyincisis.org

Stocks plunged Thursday from the announcements that existing home sales fell to the lowest since 1999 while jobless claims soared to a high since March, according to The Midas Letter.

Currently, 2.2 million homes are left unsold on the market, down 2.6 percent from last months reports. Unemployment showed 406,000 people without work, a worsening trend than anticipated. Wall Street entered into a panic after this news confirmed America’s failing economic condition.


Source The Midas Letter:

Sales of existing homes fell more than expected (down 2.6% month-over-month compared to the consensus call for a 1% decline) to 4.86 million units, a marginal new low in the time series, which goes back to 1999. The series had stabilized in the 4.89-5.03 million range since late 2007.

…

Initial jobless claims spiked to 406,000 for the week ended July 19, a high since March. Although July prints do tend to be somewhat volatile due to plant retooling, this print appears to represent a true worsening of the jobs picture.

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