Real Estate

...existing home sales “bounced” 7.6% MoM in August in what can only be described as noise around a fundamental downtrend. The level of single-family sales, at 3.62 million annualized units, is currently the second lowest level in 15 years.

...the three-month trend in single-family sales is -72% at an annual rate; the six-month trend is -31%; and the 12-month trend is running at -19%. So, what is this telling you? That the trend is down and, actually, the pace is gaining momentum on the downside.
---Rosenberg

Also...  Don't forget the Shadow Inventory...