Housing Booms While Delinquencies Rise

Few would have guessed that the housing sector (mostly flat for years) would spike amid widespread unemployment, political uncertainty, tightening credit conditions and rising mortgage delinquencies, but that’s exactly what’s happening. Existing home sales, which represent about 85% of the market, rose +14.6% in June, a record +24.7% in July and another +2.5% in August to climb above the 6 million annualized unit pace for the first time since late 2006.

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