Link:
http://housingdoom.com/2008/06/09/pending-sales-no-longer-good-indicator/
Highlights:
- Year over Year: National home sales were down 13.1%
- Pending sales in 2005: implied a 30 day close. In 2008, it can take much longer than 30 days regarding when the house will close or experience fallout.
- Foreclosure and Short sales: are mixed with regular home sales and pending data. It would be helpful to understand what percentage of this month to month improvement was due to forced sales.
Referring to the graph above: you can see the correlation between pending sales and actual home sales are diverging. The chart is illustrating a slight pick up in pending sales along with a continued downward drift of actual home sales.
Jim
Your comments are welcome.
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