Pending Home Sales Stall Even Before Mortgage Rates Spiked

Tyler Durden's picture

Pending Home Sales rose just 0.2% YoY in October, among the weakest of the year.

 

This is made more troublesome since these sales occurred before the election, before the mortgage rate exploded higher and before mortgage applications collapsed...

 

We are sure Yellen has this all "contained."

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NDXTrader's picture

Real estate peaked over the late summer. All down from here

robertsgt40's picture

Showing up at a house fire with a gasoline truck is not the answer.

JRobby's picture

(Laugh Track Deafening!!!!!!!)

Insufficient income.

CJgipper's picture

While I agree that we peaked, I don't think this chart shows it; look at the December/January cratering EVERY year.

HelluvaEngineer's picture

Thanks to all the asshole builders around Atlanta that are bulldozing the remaining trees, in order to leave vacant fields and create runoff problems. You're window to sell that overpriced crap has closed.

daveO's picture

Why? Have all the damned Yankees moved south? Is New York state now empty?

HelluvaEngineer's picture

Honestly I think a lot of them are immigrants. There is a huge influx of H1B types down here. And yes some yankees.

CJgipper's picture

In Nashville, we're completely flooded with California, Washington, Oregon, NYC, Chicago, etc.  Yes, the locusts have moved on to destroy elsewhere.

danl62's picture

Yeah they are moving south. But years ago we had floods of hillbillies moving north for jobs. We didn't like it either.

spiral galaxy's picture

In VA, we have both asshole builders AND city councils that are ripping up historic buildings and sites to put in yet more "luxury" townhomes, highrises and retail. ......all for tax dollars. F-ing sad.

JRobby's picture

The six figure wonders employed by Atlanta that decide such things said it was ok.

None of these fucks can make it in the private sector. NONE 

silverer's picture

Houses this week, $99.99 specials.

dimwitted economist's picture

Also, I keep HEARING about how home prices are Back to 2006' Levels.....

What a Crock of Bull Shit!!!!!

Here in Michigan our house is STILL Worth about $20,000 LESS than THEY Claimed it was in 2007'

Fucking Lies and PROPAGANDA!!

CJgipper's picture

Trump may actually fix your problem by bringing jobs back to former manufacturing areas.  I'm in a city; hopefully no help here.

AC_Doctor's picture

This could be the pin that pops the RE bubble.  Wait until the interest rate mortgage rise catches up in the

next couple of months-BAM says Emeril...

King Tut's picture

Are ARMs still a thing like the last bubble?

ebworthen's picture

If you live in the right hive, everything is awesome, about 10% of hives.

The other 90% are experiencing colony collapse disorder.

angry_dad's picture

why close now???

when rates increase, prices fall faster

smart buyers know they can always refiance later and save big $$$ over the life of the mortgage

prepaying the principal with saved cash is also a great idea to cut interest on the note

Last of the Middle Class's picture

Umm, have you seen new car sales? How about unpaid college loans? Perhaps you have noticed OPEC doing the "cut production" shimmy for the banker cabal. Just sayin

 

JRobby's picture

Young people don't have the income / DTI to go FNMA

Older buyers have been burned and know better now.

Nothing happening here, nothing to see. Unless you like down.

monad's picture

End The Felleny