The National Association of Realtors has just revealed that their Pending Homes Sales Index has actually declined for eight months in a row and the “forward-looking indicator” is at its lowest level since October 2011.
A week ago, the Association revealed that the number of homes for sale across the country is currently 10 percent higher than at the same time last year, characterizing it a sign of “seller confidence” and “an indication of a strong early beginning to the spring home buying season.”
As we noted at the time of the Association’s “strong early beginning” report, however, the Mortgage Bankers Association’s measure of mortgage application volume for buyers was running 15 percent lower on a year-over-year basis.
The Realtors’ Index for pending home sales is currently down 10.5 percent on a year-over-year basis, down 16.5 percent year-over-year in the West.

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Comments from “Plugged-In” Readers

  1. Posted by two beers

    Buy now! Your opportunity to buy wildly over-valued property is winding down!

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