2013-11-09 — seekingalpha.com
The existing home sales headlines this morning reported... a 1.9% decline from the August number. However, the August number was revised down substantially... Thus in effect, the drop from August to September was actually 3.5%, considerably worse than what was just reported. Moreover, the downward revised number for August shows that August sales were flat to July's vs. the 1.7% increase that was originally reported back then. In other words, the market was starting to slow down considerably over the summer despite reports that were released showing the contrary.
But not only were the headline-reported numbers actually worse than what was reported, but the "real devil is in the details." First, if you look at the actual data, and not the seasonally adjusted data, it shows a stunning 17.4% drop in sales from August to September...
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