Existing Home Sales Down…Surprise!!!

• People losing their homes due to foreclosures. • Home equity turning south at break neck speeds. • Unemployment at critically high levels. • Companies still cutting jobs. • Business closing their doors. • Hiring freezes in most industries. • No one can qualify for the mortgages offered at all time low rates because they don’t have sufficient income due to the near death economy. Why is it a surprise on Wall Street that existing home sales are down 27% to the lowest level in 15 years?