The U.S real estate market continue to dwindle as it was reported today that the U.S. existing homes sales rate declined during May 2012 by 1.5% (M-o-M); this news comes after it was reported last week that there was a sharp drop in housing starts during May.
According to the latest report prepared by the Realtors’ organization, the annual rate of US existing home sales decreased in May compared with April’s annual rate. The seasonally adjusted annual rate declined to 4.55 million home sales during the month compared with a revised annual rate of 4.62 million home sales in April 2012; this decrease represents a 1.5% decline (M-2-M); the May 2012 annual rate is 9.6% above the 4.15 million annual rate of home sales recorded back in May 2011.
Currently, major American stock indexes are traded sharply down: the S&P500 index declined by 2.23%, the Dow is down by 1.96%, and the NASDAQ declines by 2.44%. This fall in the stock market may have been related not only to the disappointing U.S existing home sales but also due to the fall in the Philly Fed index and the FOMC decision not to introduce another quantitative easing plan as announced yesterday after the FOMC meeting was concluded.
Current gold price, short term futures (July 2012 delivery) is traded at $1,565.5 per t oz. a $50.3 decrease as of 24:14*.
Current silver price, short term futures (July 2012 delivery) is traded at $26.865 per t oz. a $1.588 decrease as of 24:14*.
Euros to USD is at 1.2551 as of 23:36*.
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