There is no data to show that the existing home market has stabilized in February 2011 – and it will likely continue to be a drag on the economy.
Based on Econintersect’s analysis of pending home sales, Existing home sales in February 2011 should come in at 305,000 – a 2% increase over 2010.
The National Association of Realtors stands accused of preparing bad data. This month they say home sales are up. This time Econintersect agrees and believes Jan 2011 sales are up. Occasionally those who abuse data can be correct.
Econintersect is using the Case-Shiller data release to overview the home price situation as of December 2010. All home price indexes are trending down.
Analysis by Econintersect point to a third year of terrible home sales, at least at the start, based on the pending home sales data released by the National Association of Realtors.