Pending Home Sales Come In WAY Below Expectations

house home foreclose mortgage sale housing foreflosure

Some grim news on housing out of the NAR.

Analysts were expecting pending homes sales to fall 1%, instead

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in January, fell 7.6 per cent to 90.4 from an upwardly revised 97.8 in December, but remains 12.3 per cent higher than January 2009 when it was 80.5.

But have no worries, there’s an excuse!

Lawrence Yun, NAR chief economist, said weather is likely to impact housing data. “January pending sales, though still higher than one year ago, remain much lower than expected given that a large number of potential buyers are eligible for the expanded home buyer tax credit. Moreover, the abnormally severe and prolonged winter weather, which affected large regions of the U.S., hampered shopping activity in February,” he said.

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