August home sales

Here's the analysis:

Economists forecast the National Association of Realtors will say home sales rose to a seasonally adjusted annual rate of about 4.1 million, according to a survey by Thomson Reuters. If the report comes in as expected, it would be up about 6 percent from 3.83 million a month earlier.

And the bad news.

With sales weakening, the number of homes lingering on the market has swelled to nearly 4 million. At July's pace of sales, it would take more than a year to sell all those homes and get them off the market. A healthy level is about six months.

And I just posted that 7 million Americans are not paying their mortgage.  Some of these people will get loan mods only to re-default later.

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