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Pending Home Sales Rise At Slowest Pace Since 2014, April Revised Lower
While May Pending Home Sales are the highest in 9 years, the pace of growth is slowing as April's rise was revised lower to +2.7% (from 3.4%) and May prints +0.9% (slightly less than the 1.0% jump expected). The 0.9% rise is the slowest MoM rise since Dec 2014.
Charts: bloomberg
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CNBC headline! Trust NAR and your local realtor!
Pending home sales rise 0.9% in May, highest level since 2006Pending home sales rise 0.9% in May, highest level since 2006
ZH always the pessimist. I like to think of the glass as half full. How about this: pending home sales climb out of depressionary levels and are now sustaining recessionary levels.
Not sure I agree that (in this case) ZH is "being the pessimist". Main Stream Media is always quick to bring in "historical perspective" if it will balance out a bad report....but generally fail to even mention historical perspective when it doesn't support happiness. I have to agree that some ZH articles (depending on the author) start to get a bit shrill on the downside, but overall the "Tylers" do OK.
Greek ten year sovereigns at 12% backed by the full faith and credit of Germany or a "housing stock"....hmmm, let me think about that...
How can you afford a home when a tent goes for as much as $900 per month.
That's pretty expensive tent..
OK now you're just piling on. This will ramp us green fo' sho...
April revised lower - Nobody saw that coming.
Also the biggest May rise since 2006.
With Rent-A-Tent being so affordable and so much in vogue, who would buy a house anyway?
http://www.zerohedge.com/news/2015-06-27/rent-tent-next-silicon-valley-s...
WTF? Why so low? Look at the screaming bargain such as this one in my neck of the woods:
http://www.zillow.com/homes/for_sale/Cupertino-CA/pmf,pf_pt/19632854_zpi...