From our "We're all going to..." files, comes the latest tragedy soon to hit us all. The housing slump is rumbling all over the place - North, South, East and especially West, where sales of existing homes declined by 6.4 percent in July.
The inventory of unsold homes in July rose to a record high of 3.86 million. That represents a supply of homes still available for 7.3 percent of a month. That is the longest period to exhaust the supply of home since the spring of 1993. So you see, when your home no longer increases in value the way it once did, you're likely to overreact, stop all spending, throw the economy off track and lose your job in the process. Nice job, jerk.
· Existing home sales see large drop in July [MSNBC]
· We're All Going To Die! [Curbed LA]