Breaking over at WSJ: “U.S. existing home sales plunged 27.2% to an annual rate of 3.83 million in July, their lowest level in 15 years.”

That’s the largest month-to-month drop dating back to 1968.

And note this nugget from the AP:

Home sales picked up in the spring when the government was offering tax credits. But the market has struggled since the tax credits expired on April 30.
It would take 12.5 months to sell off the 4 million unsold homes on the market at the current sales pace. The median sale price was $182,600, up 0.7 percent from a year ago.