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Pending Home Sales Slump Slightly … To 2003 Levels (Rising Mortgage Rates Aren’t Helping!)

This is a syndicated repost courtesy of Confounded Interest. To view original, click here. Reposted with permission.

Pending home sales declined 2.5% in November, bring PHSI back to 2003 (pre-bubble) levels.

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The Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 2.5 percent to 107.3 in November from 110.0 in October. After last month’s decrease in activity, the index is now 0.4 percent below last November (107.7) and is at its lowest reading since January (105.4).

The PHSI in the Northeast nudged forward 0.6 percent to 97.5 in November, and is now 5.7 percent above a year ago. In the Midwest the index declined 2.5 percent to 103.5 in November, and is now 2.4 percent lower than November 2015.

Pending home sales in the South decreased 1.2 percent to an index of 118.7 in November and are now 1.3 percent lower than last November. The index in the West fell 6.7 percent in November to 101.0, and is now 1.0 percent below a year ago.
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Yes, the PHSI is hovering around 2003 levels, BEFORE the great leap forward during the US housing bubble.

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Rising mortgage rates aren’t helping. The recent “jump” in mortgage rates is in the “electric pink” box while the May Day Massacre in mortgage rates from May 2013 is in the orange box.

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Please, DC area thinktanks, no more big homeownership pushes! It has taken a long time to recover from the last “great leap forward” in homeownership (requiring massive monetary stimulus from The Federal Reserve).

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No more snake juice!!!

snake

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