Macro 08/22: Pessimistic home sales, S&P continues to downgrade banking sector credit

July existing home sales lowest since 2010

July existing home sales continue to plunge -2.2% from previous month (expected -0.2%).

Previously, 30-year mortgage rates reached 7.55%, highest since 2001, which had already warned of declining home sales.

July home sales pace slowest since 2010 (lower than even during 2020 Covid period).