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CHART OF THE DAY: The "Distressing Gap" Between New And Existing Home Sales Still Isn't Closed

Today's new home sales numbers did nothing to take the sting out of yesterday's massive existing home sales miss, showing further weakening in home sales overall. Bill McBride of Calculated Risk points out the "distressing gap" between between exiting home sales and new home sales. Notably, most of the buying on the market has been of distressed properties and, according to Calculated Risk, this is what is allowing existing homes to remained above the less flexibly priced new homes.
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