Pending Home Sales Plummet In May After Tax Expiry, Stock Selloff Gather Steam

Another negative data point!

Not altogether surprising, given all the bad housing data, but pending home sales fell a staggering 30% in May, according to the NAR. The end of the first-time homebuyer tax credit is being blamed.

The stock selloff is really gathering steam now, with the Dow down 62.

Click here for 14 reasons to fear another housing bust >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.

Tagged In

housing moneygame-us