Good news! The Pending Home Sales number that just came out indicated a 6.7% increase in April, roundly beating expectations.
But Pending Home Sales aren’t the same as sales closed, and more than ever the pending number may be in doubt. That’s because recent weeks have seen big disruptions in the mortgage market. Loans without locked down rates may be torn up, as mortgage salesman scramble to reprice and finish the deals that are closed.
So compared to the .5% that was forecast, this was great. But be cautious on this one.
That being said, stocks are up! The bears keep on getting pummelled.