by Wolf Richter
Wolf Street
I get chills when insiders tell outsiders “not to panic.”
Home sales plunged 10.9% across the US in July from a year ago, “the biggest national sales decline since April 2011,” nationwide real estate broker Redfin reported, adding chillingly, “but there’s a good reason not to panic.”
When insiders tell outsiders “not to panic,” I get worried. This is what July home sales volume in the US looked like, according to Redfin: