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This morning's existing home sales release for the month of July was better than toxic. Toxic was the June report of 4.85M homes. July came in a touch better at 5.0M.

Prices are finally coming down (down -7% year over year), and this is starting to stimulate some tepid demand. I still think prices have to come in another -14% in order to alleviate this untenable inventory position of unsold homes. On the inventory front, month’s supply is still extremely elevated at 11.2 months.

If you are long a US home and looking to sell it, marking it to market rather than to model is my advice.
KM

(picture: http://www.willowmanorapts.com/ForSale2.jpg)