Pending Home Sales Index
January 06, 2010 |
| Indications on the housing sector have been volatile and unfortunately today's pending home sales report is extremely weak. Pending home sales plunged 16.0 percent in November with all regions showing declines. The National Association of Realtors, which compiles the report, blamed the November drop on the expiration of prior stimulus measures. The NAR said new expanded measures that have since been put in place, along with low home prices, should stimulate a sales rebound during the spring. But the spring is a long way off and today's report will sharply lower expectations for the existing home sales report at month end. There was little reaction, at least initially, to today's report. |
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