Real Estate Recovery? Hardly...................from Rico

Ouch!

This morning's existing home sales numbers shows the biggest drop in 16 months (<5.4%>) and the largest 'miss' in expectations in 24 months. Anticipated/expected June sales of 4.62 million clocked instead at 4.37 million.

This Bloomberg chart gives a little perspective.

The chirpy-cheery faux 'news' earlier this week that we have a "Housing Recovery" just isn't so, like pretty much everything else we're being 'told' by the economists, politicians, and FTV teleprompter readers (all with great makeup artists btw).