December 19, 2013
Statement From LIA Chief Economist John Rizzo on Existing Home Sales
By: Dr. John A. Rizzo
"Existing home sales fell sharply last month to their lowest level in almost a year. This contrasts with recent results for new housing starts which were considerably more favorable. Today's news provides further evidence of the erratic nature of the economic recovery and suggests that rising mortgage rates are beginning to threaten the housing recovery on Long Island."