Spot The Crushing Impact Of The Tropical Vortex On February Pending Home Sales

Tyler Durden's picture

Moments ago, the always laughable realtor advertising agency known as the NAR, reported that its agents were not making as much money as they had hoped, when pending home sales in February tumbled by 10.2%, well below expectations of a -9.0% drop, and below the January decline of -9.3%. Why? Here is what the cuddly Larry Yun, NAR chief economist, said was the culprit: "Contract signings for the past three months have been little changed, implying the market appears to be stabilizing. Moreover, buyer traffic information from our monthly Realtor survey shows a modest turnaround, and some weather delayed transactions should close in the spring."

In other words, the February collapse was further aggravated by ongoing harsh weather in February. That's fine - we even went so far as showing where the regional sales moves were in February. What is quite visible on the chart below is that the largest collapse in February activity was in Southern states, which is clearly due to the Tropical Vortex.

Wait...what?

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Rakshas's picture

Not to worry hurricane season will boost sales

...... it's the weather stoopid.....

semperfi's picture

all global warming's fault - we need to be carbon taxed !  I recommend we start voluntarily sending in our carbon tax dues now to boost home sales.  Be a patriot !

Flakmeister's picture

I recommend that you seek professional help....

synergize's picture

Could it be that they aren't telling us the truth??  UNPOSSIBLE!!

Miffed Microbiologist's picture

So you were the one who bought all those " create an American Job" $5 Starbuck bracelets and lowered the unemployment rate! Thank God there are still kind and dutiful people out there willing to sacrifice for the good of us all. ;-)

Miffed;-)

semperfi's picture

thanks - got the idea from my buddie Warren Buf-fizzle

semperfi's picture

So when the south thaws out there should be an unprecedented avalanche of pent-up demand unleashed and we will see new record high sales!  Sweet! 

SoilMyselfRotten's picture

Which is fine until the dog days of summer kill the next housing leg up.

ebworthen's picture

July:  "Sweltering heat and humidity cut a swath across the nation!"

Imagine that, in Summer.  I suppose the days will be longer too.

People dying because they didn't have the sense to take a cold shower and sit in front of a fan.

semperfi's picture

and pop open an ice-cold brewski

SilverRhino's picture

I have to sell my house in Texas .... hope I didnt wait too long.

PlusTic's picture

good reason to buy the fukk outa stocks    :0

marcusfenix's picture

actually it is the weather

just not the weather, the other whether

as in people deciding whether on not to buy a home

and apparently more and more often deciding on not

so you see, this is not at all a case of BLS style shenanigans

this is merely a harmless typo.

whether, there fixed it.

ebworthen's picture

Give Dom my regards.

Lower pay, fewer hours, higher rates.

Hmmm...maybe now is NOT really the best time to buy a home.

Rakshas's picture

Polar Vortex, Tropical Vortex....... sounds like a lot of Bovine-Fecal Vortex....

......... good lord what's going to come out of those pie holes next??

adr's picture

Janet Yellen thigh vortex

TideFighter's picture

I smell a DC market crash; post November. It may escalate two years later in November. You see, I can  predict the "Drain-the-Swamp" Vortex (until the swamp fills again with new strains of algae and weeds). 

Mentaliusanything's picture

All I have to say is spin it, any way that floats your boat. This is becoming Stupid is as Stupid does. Well Good luck holding back the tide. See Spain, even the locals won't touch this turdo

SheepDog-One's picture

Looks like a tropical earthquake about to blow thru!

booboo's picture

From the National Weather Service: Tropical Depression Yellin forming and could develop into a storm by May, further warming of surface temperatures of Fed Chair seat could cause strengthening into Hurricane Yellin by June and all out shit splattering event. Sell Mortimer Sell!!!

MFLTucson's picture

A country of clowns!

ebworthen's picture

I knew it!

NAR to the rescue!

Rising mortgage rates are good for the economy and housing!

It's all uphill from here folks!  I can see the rainbow!  And the Unicorns!

FreeNewEnergy's picture

Buurrrrrish!

Mortgage rates aren't going up any time soon. By June, the 10-year will be hovering around 2.4%.

In case you haven't noticed, the middle class is cash-strapped and the economy still isn't improving, despite "turning multiple corners", "green shoots", "gee-gaws" and lots of other pseudo-economic claptrap.

Still waiting for prices to decline. Fucking Californicators! Keeping prices high. A nation of morons.

STG5IVE's picture

Really?

"Mortgage rates are poised to climb as the Federal Reserve continues tapering stimulus efforts that have kept borrowing costs low."

http://www.bloomberg.com/news/2014-03-27/u-s-mortgage-rates-rise-with-30...

Colonel Klink's picture

They're not spewing excuses, they're spewing LIES for a dying economy due to bad policy.  On purpose I might add.

adr's picture

I saw a whole list of homes in Massachusetts with asking prices cut by $100k in the past three weeks. From $340k to $240k. I even saw a home cut from $425k to $220k.

People in the NE are waking up to the fact that there are no buyers for the homes that were overvalued by at least double over the past fifteen years. If a home cost $240k In Cambridge in 2001 it shouldn't cost $450k now.

Son of Loki's picture

But the 5th grade mini-skirted teacher-turned-Realtor told me "House prices never drop."

Holy Jeepers!

adr's picture

My realtor told me it is a seller's market, even when I took a $20k loss.

I guess the loss could have been bigger, which according to NAR logic means I got a good deal.

1stepcloser's picture

I figured the polar kotex would be driving the northern fucks south like a mofo..  

NOZZLE's picture

Keep dreaming about your home sales you realtor scum.

 

besnook's picture

actually, considering the the emigration to the south from the north is still on track. in order to move south a home in the north needs to be sold. so if northern sales are down southern sales will be down.

aside from that, the latest runup in mortgage rates almost reached the norm of around 5% before faltering. a few more trillion newly printed dollars should put us over the top next time.

 

Vice's picture

This is why I love ZeroHedge

There I said it, I love you Tylers. Thank you for the always needed BS exposure!