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Oliver Sutton

Pending Home Sales Sink In July(us)

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Sorry if this has been posted elsewhere.

Pending Home Sales Sink

12% in amonth?

Pending sales of existing homes fell in July to the lowest level in nearly six years as the mortgage market's troubles made it tough for many borrowers to finalize home purchases.

The National Association of Realtors said its index of pending home sales for July fell 16.1 percent from a year ago and 12.2 percent from the prior month.

Second worst index ever. The worst was just after 9/11 !!

July's reading of 89.9 was the second lowest ever for the index and its lowest since September 2001, when the economy was jolted by the terrorist attacks. A reading of 100 is equal to the average level of pending sales activity in 2001, when the index began.
Edited by barry

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What a nice soft landing, just as the industry predicted/promised. Looks like Joe Sheep has just noticed the wolf...

What's more...

From CBS, this slump was before the August mortgage meltdown!

The index hit its lowest level since September 2001, and pending sales were 16.1% below their year-earlier level. The July data reflect trends before August's mortgage meltdown.

"This is disastrous," said Ian Shepherdson, chief U.S. economist with High Frequency Economics Ltd., in a statement. July's plunge indicates that June's rebound was a "fluke," he said. The index had gained 5% in June.

"Note that this collapse in pending home sales predates the turmoil in the markets and the subsequent jump in jumbo mortgage rates, even for prime borrowers," Shepherdson said.

Decreases in pending home sales were seen in all four major regions of the U.S., according to NAR. In July, pending sales fell 13.1% in the Midwest, 6.6% in the South, 20.8% in the West and 12.2% in the Northeast.

Edited by canny man

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What a nice soft landing, just as the industry predicted/promised. Looks like Joe Sheep has just noticed the wolf...

What's more...

From CBS, this slump was before the August mortgage meltdown!

The index hit its lowest level since September 2001, and pending sales were 16.1% below their year-earlier level. The July data reflect trends before August's mortgage meltdown.

"This is disastrous," said Ian Shepherdson, chief U.S. economist with High Frequency Economics Ltd., in a statement. July's plunge indicates that June's rebound was a "fluke," he said. The index had gained 5% in June.

"Note that this collapse in pending home sales predates the turmoil in the markets and the subsequent jump in jumbo mortgage rates, even for prime borrowers," Shepherdson said.

Decreases in pending home sales were seen in all four major regions of the U.S., according to NAR. In July, pending sales fell 13.1% in the Midwest, 6.6% in the South, 20.8% in the West and 12.2% in the Northeast.

THis is the main story aon Yahoo Finance. perhaps Joe Sheep will notice.

BUT ....

Lawrence Yun, the Realtors trade group's senior economist, called the problems "temporary"

Then he would say that, wouldn't he.

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barry Posted Today, 04:37 PM

BUT ....

QUOTE

Lawrence Yun, the Realtors trade group's senior economist, called the problems "temporary"

Would that be temporary for

2 hours

2 days

2 weeks

2 months

2 years

22 years

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