Home sales rise but what’s robogate impact past this?

Sept Existing Home Sales totaled 4.53mm annualized, much better than expectations of 4.3mm and is up from 4.12mm in Aug. Because of the home buying tax credit distortion though, the level remains below the 2010 average of 4.96mm. Sales gains were seen in all 4 regions. Combining the improvement in sales m/o/m with a 77k decline in available homes for sale, the overall months supply fell to 10.7 from 12.0. The median sales price was $171,700, down 2.4% y/o/y and the cheapest since March. Bottom line, the data is an improvement off a very depressed level but with the robosigner, foreclosure moratorium taking center stage at the very end of Sept which today’s figure didn’t capture and neither will Oct (this # measures closings), the figures towards year end may look much different as distressed homes made up 35% of Sept sales.

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