Economic news last week included a surprise drop in existing home sales. It continues to appear that the Fed is poised to raise interest rates going forward. Furthermore, FINRA is reporting that margin debt balances are at record highs.
Existing home sales record the number of previously constructed homes, condominiums, and co-ops sold during the month. Existing homes or resales account for a much larger share of market than newly constructed homes. Additionally, existing homes rates are considered a better indicator of the overall housing market trends.