The National Association of Realtors’ monthly series on sales of existing homes should come with a data-translating thesaurus. NAR does not mean to mislead, but I think its data format conceals reality. The data are useful, but only as a broad, multi-month guide to trends.
We have liftoff. The long and short of it follow — short first. The immediate reaction to the Fed’s first hike in 1- years, from a band “0 percent to .25 percent” to .50 percent: The prime rate moved mechanically to 3.50 percent, rising in lockstep as it will after each future increase in Fed funds.