Housing Hurting.

Existing Home Sales (January 2014)

– Existing Home Sales (seasonally adjusted, annualized) 4,620,000.  Previous was 4,870,000.

Sales are -5.1% both month/month and year/year.

One of the continuing stores regarding Home Sales is that many are purchased with all cash.  As mortgage qualifying has gotten tougher sellers are more likely to take a lower all cash offer than an offer contingent on the buyer qualifying for a mortgage.

This weak report follows yesterday’s report showing both Housing Starts and Permits down.   I don’t buy the story that this is all about weather.  It may be the case that too few people feel that they can afford a home.