Sales of existing homes slid to a pace of 4.57M units at an annual rate in March, down 3.0 percent from the previous month. Sales declines were apparent in both single- and multi-family segments. The portion of sales that were from distressed properties jumped up to 50 percent. Clearly foreclosure activity is driving the marketplace.

Sales Down but Range Bound

- Sales continued to hold a range of about 4.50-4.75M units for the fifth straight month as potential buyers remained on the sideline except in the distressed market. Buyers are clearly looking for ‘bargains’ if they are looking at all.

- Single-family activity has moved largely sideways over the past few months as well, dropping 2.8 percent to a pace of 4.1M units in March.