Home sales: Worst drop in 18 years

Unlike "economists", our regular readers will not be surprised by this news. As is usually the case, conventional financial opinion is utterly incapable of predicting a shift in any asset class.

NEW YORK (CNNMoney.com) -- Existing home sales posted their sharpest drop in 18 years in March, a real estate group said Tuesday, as the latest reading on the troubled housing sector came in much weaker than economists had forecast.

Sales slowed to an annual pace of 6.12 million homes in March, according to the National Association of Realtors, down 8.4 percent from the 6.68 million rate in February. It was the biggest one-month drop since January 1989.

From CNN

Posted on April 24, 2007 and filed under Finance.