Existing home ugliness
* August existing home sales were down 0.5% MOM from July. Down 12.6% YOY from August 2005.
* The "Months supply at current sales pace" indicator of inventory came in at 7.5 months, up from 7.3 months in July and the highest since 1993. The absolute number of homes for sale increased again -- to 3.92 million units from 3.86 million in July. That's yet another record.
* Here's the real kicker -- median prices overall (condo + single family) dropped 1.7% YOY to $225,000. That's the first YOY decline in any month since April 1995, and the second worst in U.S. history.