US home sales data signal end to boom

Not to talk down the US economy in unpatriotic fashion, mind you, but there are lot of unsold HOA and condo units on the market.

Sales of existing US homes dropped 1.7 percent in November while the stock of unsold homes on the market climbed to a 19-year high, the National Association of Realtors said. Admitting a slowdown is now under way, the industry group said existing home sales dropped to a seasonally adjusted annual rate of 6.97 million last month, the lowest since March. "Housing activity has peaked," said David Lereah, chief economist for the association. But he insisted the market will not implode after years of red-hot growth. "There are no balloons popping." Inventories of unsold homes increased 1.2 percent to 2.9 million, the most since April 1986.