Existing Home Sales And The $
by :
FFAN Analyst
Spring is the buying season for homes and May is usually one of the most active months. Because the data on new building permits and housing starts has been weak, it's likely to see weakness in existing home sales as well. There is an overhang of inventory so it's likely to see lower prices too.
If you haven't kept up to date with the Bear Sterns/CDO market situation-you should. Becasue of the recent problems there, a weaker number could really set equity markets on their ear and cause some serious unwinding of carry trades. A surprise to the high side should could cause things to calm down a bit. Look for an especially strong market reaction because of this.
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