It was a dull day, but beneath the surface worries lurked over how much more crunch is ahead in the credit crunch following Sunday's Home Depot (HD) news (Banks Play Hard Ball With Home Depot Forbes).
Existing home sales fell in July, but the problem with this series is that it's a sampling that largely reflects completion of deals signed a few months back... way before the worst of the credit crunch hit. Tomorrow the quarterly Case Shiller index will be released for the 2nd quarter. What's the best indicator of what's going on TODAY? Call a local Realtor and have her take you around to some fairly inexpensive and expensive homes and find out how long they've been on the market and what original listing prices were - then you'll have your answer... Very Crappy. Better yet, attend some Sunday Open Houses around the neighborhood.. again you'll get the same answer.
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