In my opinion this metric is a useless metric to follow. Pending home sales are not a forecast because they are so easily bloated by ineligible home buyers. So any down turn can look dramatic but means nothing. This number could have dropped 90% and it would have as little meaning.
July pending home sales down 3.2% - Sep. 9, 2008
July pending home sales down 3.2% - Sep. 9, 2008
The Pending Home Sales Index fell to 86.5, after gaining 5.8% in June, according to the National Association of Realtors (NAR). It now stands 6.7% below July 2007's reading of 92.8.
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