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US Existing Home Sales Bounced In February As Mortgage Rates Tumbled
US Existing Home Sales Bounced In February As Mortgage Rates Tumbled
Despite tumbling mortgage rates, existing home sales plunged (the most since COVID) in January, with some blaming 'below-normal temperatures' despite The West suffering the biggest declines (and unaffected by the winter storms).
Consensus was for a modest 0.8% MoM decline in February (again despite an ongoing drop in mortgage rates) but sales actually surprised to the upside, rising 1.7% MoM. Perhaps even more notably, January's 8.4% MoM plunge was revised up to a slightly less crazy 5.9% MoM drop...
Source: Bloomberg
With...
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