The Street is so obsessed with the Congressional hearings that some fairly good news on existing home sales went virtually unnoticed. Remember, it's housing that is the source of the problem.
Existing home sales were slightly lower than expected at 4.91 m sales for August. While the inventory level of homes for sale is still well above normal, the good news is that it did come down, to a 10.4 months supply, the lowest in many months.
- Realtors say existing home sales fell in August
- Housing grim as financial rescue debate rages
Put this together with the lower level of new-home inventories (housing starts have been plunging) and we can say that there is clearly some kind of bottom developing.
What we don't have yet is a dramatic move off the bottom.
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