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Pending Home Sales See 2nd Biggest MoM Plunge Since May 2010 

By: capt_nemo in FFFT3 | Recommend this post (2)
Thu, 29 Jan 15 10:37 PM | 39 view(s)
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Submitted by Tyler Durden on 01/29/2015 - 10:10

The 3.7% plunge MoM in December's pending home sales is the 2nd largest since May 2010, drastically missing expectations of a 0.5% rise in sales (buoyed by exuberance from homebuilders). All regions saw weakness but the Northeast was worst with a 7.5% MoM plunge (so weather will be blamed we are sure - though it appears analysts never thought of that). Inventories fell for the first time in 16 months but NAR's chief economist proclaims it is time for "current homeowners to realize their equity gains and trade-up." Yep - more leverage...


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http://www.zerohedge.com/news/2015-01-29/existing-home-sales-see-2nd-biggest-mom-plunge-may-2010




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