Early Read on Existing Home Sales in December and Post-Mortem on November

From housing economist Tim Lawler: Based on publicly-available local realtor/MLS reports released across the country through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.36 million in December, up 12.6% from November's preliminary pace and up 5.7% from last Decembers seasonally adjusted pace. The bounce back in sales from November's "shockingly" low pace – which occurred in many but by no means all markets across the country – strongly suggests that the new "TRID" disclosure rules and/or documents......(read more)

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