by Peter Schiff, Schiff Gold:
The US housing bubble continues to lose air at a rapid rate. Existing home sales fell for the 10th straight month in November. This stretch of declining home sales is longer than the housing bust preceding the 2008 financial crisis.
Existing home sales plunged another 7.7% from October to November, according to the latest data from the National Association of Realtors.
Year-on-year, existing home sales have plummeted by 35.4%. It was the 16th straight month of year-over-year decreases. A total of 4.09 million homes were sold over the last 12 months. That’s close to the lockdown low in May 2020 and is approaching levels last seen in 2008-2009.