By Dr Denver H. Bubble
We have been making some coding changes to the website and have been down for a couple days. We hope our fans were able to survive our brief absence. A lot of new news in the market, the biggest being that new- and existing-home-sales were both below market expectations, while the latest from pending-home sales missed expectations by quite a bit. Pending home sales in April were down 1.3% month over month missing expectations of a 0.4% increase. In our home region the West, pending home sales were down 0.4 %. Pending home sales index for West was lowest since June 2014. Our pal at NAR, Larry Yun had this to say, "The unfortunate reality for many home shoppers is that reaching the market will remain challenging if supply stays at these dire levels.” It looks like finally, we are reaching a point of breakdown as high home prices driven by low housing supply weight on the closing of sales.
Image source: Zerohedge.com