Existing Home Sales Tumble 7%, Largest Plunge Since 2011

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From Tyler Durden: Pending and New home sales both tumbled in October, but existing home sales managed a modest SAAR bounce; and while expectations were for some give-back in November, existing home sales managed an upside surprise – rising 1.9% MoM. However, that is the end of the good news.

After a modest bounce in mortgage applications (as rates dropped), they tumbled 5.8% last week (among the worst drops this year) with purchases plunging 6.8%, and that is reflected in the

Year-over-year, existing home sales are down 7% – the biggest drop since 2011 (and this is the slowest sales pace for November in four years).

The SPDR S&P Homebuilders ETF (XHB) was trading at $33.32 per share on Wednesday afternoon, up $0.15 (+0.45%). Year-to-date, XHB has declined -24.57%, versus a -4.19% rise in the benchmark S&P 500 index during the same period.

XHB currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #32 of 41 ETFs in the Consumer-Focused ETFs category.

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