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The "Oh Crap" Moment For Housing Is Now In The Can


Real estate guru Mark Hanson updates his housing view following this week's dismal housing industry data: 

Sept. Pending Sales... the largest MoM drop since Sept 2001... not 2011... yes, 2001.

Don't let them tell you 'this is normal for Sept'. The 'oh-crap' moment is now in the can. Going forward, "Existing Sales" volume will disappoint on a YoY basis for several quarters. There is no way around it...

 Fool me once, shame on you; fool me twice, shame on me; fool me thrice, shame on the Fed...

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