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The Bearish Data Behind The Existing Home Sales Report

Despite a 2.4% monthly gain in December sales, on top of a revised, somewhat sharper 6.3% (-6.3%) decline in November, and despite a headline 3.5% year-to-year gain in sales for December 2014, fourth-quarter 2014 sales activity declined at a 4.1% (-4.1%) annualized pace, versus the third-quarter, and sales for all of 2014 fell by 3.1% from…