Housing Market Still Looking for the Basement

From IBD: Housing activity has yet to find the floor, the latest existing-home sales data showed Wednesday.

June sales fell 3.8% to an annual rate of 5.75 million, the lowest since November 2002, the National Association of Realtors said. It is the fourth straight monthly drop and below estimates.

The supply of unsold homes at the current sales pace held at 8.8 months, near the highest level since the early 1990s (see chart above, click to enlarge).