After modest bounces in existing and new home sales (despite weakness in starts and permits and mortgage application declines), pending home sales in May tumbled 0.8% MoM and were revised even lower (-1.7%) in April. This dismal print was below all economists’ expectations, missing by 4 standard deviations.
This is the 3rd straight monthly drop and 2nd straight annual decline in pending home sales.
This post was published at Zero Hedge on Jun 28, 2017.
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