Existing Home Sales Plunged in November, Signaling Tough Housing Market

U.S. Existing Home Sales posted their sharpest drop in 5 years in November, The National Association of Realtors said on Tuesday.

The sales number plummeted 10.5 percent to an annual rate of 4.76 million units, marking the sharpest decline since July 2010. In addition, October's sales pace was downgraded to 5.32 million units.

Economists are concerned that this could be a warning sign for the health of the US economy itself, let alone the US Housing Market.

What is worse is that the Fed just raised the interest rates this month for the first time in 9.5 years.  That will put pressure on retail buyers' borrowing (mortgages)  from the banks. That would potentially reduce sales going forward.

In this current condition, it is hard to sell you house fast.

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