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Nar In Us Delay Pending Home Sales Data?

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Guest Popalot

Pending Home Sales were due for release 20 minutes ago, but on their website the National Assoc of Realtors say this:

Pending Home Sales Index News Releases

The NAR Public Affairs Office issues a news release in the first week of each month on the latest index figures.

View Current News Release

2007 NAR News Release Schedule

Next release: The September index will be released at 10 am (EDT) November 1st, 2007

If this is true, I feel there is some massive market manipulation going on via old snake-eyes across the pond. Gold down, stocks rampant, bank losses spun and ignored, housing data postponed........

Maybe it is just a date typo?

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Pending Home Sales Skid In August to Record Low

http://www.cnbc.com/id/21097904

"The volume of activity we're seeing today is below sustainable market fundamentals because some credit-worthy people are trying to buy homes but can't because of the credit crunch," Yun said.

- surely that means they are NOT credit-worthy ?

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This on Bloomberg

U.S. Economy: Pending Home Sales Slide to Record

An extract below ...

Oct. 2 (Bloomberg) -- The number of Americans signing contracts to buy previously owned homes dropped to the lowest level on record in August as the housing recession deepened.

``The existing homes market is now in freefall,'' said Ian Shepherdson, chief U.S. economist at High Frequency Economics Ltd., in Valhalla, New York. ``The downside from here is still substantial.''

The National Association of Realtors' index of signed purchase agreements fell 6.5 percent from the previous month, the group said today in Washington. The decline was more than economists anticipated and pushed the measure to the lowest level since the organization began tracking purchases in 2001. The gauge plunged 11 percent in July.

The bold sentence says it all for me.

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Guest Popalot

As has been said before on this site, the UK housing market will crash all the faster thanks to the very publically aired US dress rehearsal.......

The UK people are now psychologically predisposed to a crash...................... :ph34r:

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THis must be what a soft landing looks like - that's what all the experts said was the worst case scenario....

The data was out on the button at 3pm (10am EST). August's pending home sales is an early indicator for September and even October's s home sales data - i.e. sales take a month or two to close and thus make their way into the official sales numbers.

The sharp drop should not have been a huge surprise - August was the month where the US subprime crisis drove credit markets to a halt and would have kept many would-be buyers on the sidelines.

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As has been said before on this site, the UK housing market will crash all the faster thanks to the very publically aired US dress rehearsal.......

The UK people are now psychologically predisposed to a crash...................... :ph34r:

Same can be said for the US markets that "lagged" behind FLA, CA., etc in the bust. People everywhere are now primed for the fall.

Just a few weeks back, we even started getting cartoons in the newspapers addressing the housing bubble. One about Greenspan and how he blew it up, another about a delusional seller who refuses to lower the price, etc. A bit of a shocker for folks who were hoping beyond hope that they were in a bubble proof zone. I love it!

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