Merrill: "Existing Home Sales have Peaked"

A few excerpts from a Merrill Lynch research note: We are calling it: existing home sales have peaked. We believe that the peak was at 5.72 million, reached in November last year. From here on, sales should trend sideways . If this is indeed the peak, it would be comparable to the rate we last saw in the early 2000s before the bubble set in. Here is the catch - while existing home sales have likely peaked, we do not think we have seen the same for new home sales . New home sales have lagged existing in this recovery and we believe there is room to run for new home sales, leaving builders to......(read more)

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