U.S. Existing Home Sales Fell More Than Forecast

Nobody should care about this except the National Association of Realtors, who sole purpose is to promote transactions (not smart, stable homeownership).

Mortgage rates are also dropping, making homes more affordable to those able to get financing. The Realtors group’s affordability index in November and October was at the highest level in more than two years.

What nobody will tell you is that the affordability index is likely barely off it’s lows, measured over say seven to ten years. They also won’t tell you that while new home sales contracts are a leading indicator of economic viability, they don’t actually revise the contract number when folks aren’t able to get financing and the deal falls through.

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