Pending home sales unexpectedly plunged in November, according to a report issued Tuesday by the National Association of Realtors, a big correction after several months of positive gains for a closely-watched indicator of housing market activity.
According to the industry group, November pending home sales activity dropped by 16% to a reading of 96.0, compared with the previous month’s reading of 114.3. The drop was much larger than expected by Wall Street, which was looking for a dip of 2% for the indicator for November.
It was the largest drop, point-wise, since the industry group started the index in 2001, dragging the indicator to its lowest level since June.
Tuesday, January 05, 2010
So much good news so little time.
Posted by traderrob at 7:34 AM