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Pending Home Sales Plunge At Fastest Pace Since April 2011

For the 5th month in a row, pending home sales missed expectations (though a silver lining is a positive print MoM – breaking a 5-month streak). Year-over-year, home sales collapsed at 4% – its worst drop since April 2011, and that even after prior data was revised lower. Still, despite this ongoing plunge, there is always hope – as engendered by NAR’s chief economist who states (somewhat unconfidently), “we may have reached a cyclical low.” Cylical low indeed – just don’t look at the chart.

Sure doesn’t look like a cyclical low…

 

as data misses for the 5th month in a row…

 

There is always hope… (via NAR)

Lawrence Yun, NAR chief economist, said the market is flattening. “We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014,” he said. “Although the final months of 2013 are finishing on a soft note, the year as a whole will end with the best sales total in seven years.”

More here…

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