Pending Home Sales Fall 1.9% to Record Low

[swag]

Source: CNBC

Pending sales of previously owned homes fell a bigger-than-expected 1.9 percent in February to the lowest level on record, according to a report from a real estate trade group Tuesday that pointed to more troubles in the beleaguered housing market.

The National Association of Realtors Pending Home Sales Index, based on sales contracts signed in February and seen as a key barometer of future housing sales activity, fell to 84.6 in February from 86.2. That was the lowest reading since the trade group began tracking this data in 2001.

Compared to a year ago, pending sales were down 21.4 percent, according to the group.

Economists polled ahead of the report were expecting a monthly decline of 0.7 percent. January's reading was revised up to a 0.3 percent gain after an initial flat reading.



Read more: http://www.cnbc.com/id/24011575

[Stuart G]

1. We are really, really, fucked....(1.9 decrease is a lot bigger than 0.7 ).............(nt)

[hatrack]

2. Oh, stop being so hard on the Surprised Economists!!

After all, they were only off by not quite 300%.

[Pale Blue Dot]

3. Yet, once again, there is currently no panic on Wall Street.

Which many will read as "Everything's fine!"

[jimnasium]

4. If you're a lender or a seller... Yes. You are.

If you're a buyer with good to excellent credit, then you're in the catbird seat.