Sept existing home sales fall 6th straight month

Reuters reports:

The pace of existing home sales fell for the sixth straight month in September, hitting a 6.18 million-unit annual rate, according to a report from the National Association of Realtors on Wednesday that was a sharper drop than economists expected.

Year over year, U.S. home prices fell 2.2 percent to $220,000.

The inventory of homes for sale was down 2.4 percent to 3.75 million units -- a 7.3-month supply. It was the second consecutive drop in inventory.

Analysts had expected home resales to slow to a 6.23 million-unit pace from the 6.30 million-unit rate in July.

The September sales figure was the lowest since January 2004.

T-Bills and the stock market have performed better over the last year.What's significant is in the middle of a national economic expansion home prices are lower than a year ago.What if the economy goes into a recession in the next 24 months?