THE BASIS POINT

Fundamentals 6/21: home sales 6mo low, 9.3mo supply

 

Existing Home Sales:
– May: 4.81 Million (annualized)
– May Month/Month: -3.8 %, a 6mo low
– May Year/Year: -15.3 %
– Home Sales remain weak: 9.3mo of supply on market excluding pre-foreclosures.

Retail Sales:
– Redbook Year/Year +4.2%
– ICSC-Goldman week/week -0.7%. Year/Year +2.2%

FOMC meeting starts today. I suppose that the task at hand is convincing folks that the end of QE2 will not negatively impact the economy. QE2 has done nothing but increase excess banking reserves and pump up equity and commodity prices.

 

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