Existing home sales fell 16.7% in December according to the National Association of Realtors, dropping to a seasonally adjusted annual rate of 5.45 million units. While 2009 sales were 4.9% higher than 2008, the sharp decline in December reveals that November's sales were an aberration driven by the expiring homebuyer tax credit, and that underlying demand remains weak without tax incentives for home purchases.

1. Are Horrid Housing Numbers Back ?
 The National Association of Realtors (NAR) reported on Monday: Existing home sales
fell 16.7% to a seasonally adjusted annual rate of 5.45 million units in December
 2009 sales were 4.9% higher than 2008 transactions, for first annual gain since 2005
Sharp Decline Recorded in Dec. Existing Home Sales
The collaps reveals: Nov. was an aberration driven by expectations the tax
credit was expiring – demand remains weak without tax-incented purchases
8.0
Phase of Denial and Fed Obama
Ignorance Steroids
7.0
Market
Crash
6.0
5.0
Era Bush: Easy Money, Low
4.0 Rates, „Ownership Society“ Second
Source: NAR Dip ?
3.0
Million Jan 98 Jan 00 Jan 02 Jan 04 Jan 06 Jan 08 Jan 10
Units
You can buy me for reprint at www.markusgaertner.com Jan. 26, 2010
RSS FEED for all CHARTS at www.slideshare.net/markusgaertner GAPA NEWS