US January existing home sales

existing home sales chart
  • Prior was 4.99m (revised to 5.00m)
  • Sales -1.2% vs +0.2% expected

The chart tells the story. US housing has been a major disappointment in the past year and it keeps getting worse. I think there are some important long-term implications here, namely that people can't afford 4.5% or higher on a 30-year fixed.