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US Existing Home Sales Plunged In January As Mortgage Rates Rose
US Existing Home Sales Plunged In January As Mortgage Rates Rose The lagged impact of a resurgence in mortgage rates can back to bite existing home sales in January, as they fell 4.9% MoM (worse than the 2.6% decline expected). That is the biggest MoM drop since Nov 2022... Source: Bloomberg Sales declined the most in the West and South, which were afflicted by destructive wildfires in Los Angeles and severe winter weather, respectively.  To the extent weather played a role,
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