SANTA ANA, CA—First American Financial Corporation, a leading global provider of title insurance, says its Existing-Home Sales Capacity (EHS-C) model decreased by 3.1% in October compared to September, meaning that the capacity for existing home sales declined that much. The measure is down 7.3% from October of last year.
The seasonally adjusted, annualized rate (SAAR) of existing-home sales capacity is up 73.6 percent from the low point of sales reached in February 2009. The EHS-C decreased by 181,500 sales (SAAR) in October.
EHS-C is down 779,000 sales (SAAR) from the most recent peak in February 2014. The current underperformance gap is an estimated 209,000 (SAAR), which is significantly less than the sales capacity gap of 1.7 million existing-home sales in February 2014.
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