Existing home sales plummeted 27% in July to a new 15-year low. Existing home sales have now entered double-dip territory. At the current rate of sales, there is a surplus of more than 12 months of existing home supply—a 28 year high.
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Jeremy Jones, CFA is the Director of Research at Young Research & Publishing Inc., and the Chief Investment Officer at Richard C. Young & Co., Ltd. Jeremy is a contributing editor of youngresearch.com.