Wednesday, January 06, 2010

Talk of economic recovery while pending home sales fall 16%

SHOOT: Once again economics were caught were surprise by how high the decline was. That's because they're seeing what they want to see - and that's not reality.
clipped from

WASHINGTON (AP) -- The number of buyers who agreed to purchase previously occupied homes fell sharply in November, a sign sales will fall this winter, undermining last summer's recovery.

The National Association of Realtors said Tuesday its seasonally adjusted index of sales agreements fell 16 percent from October to a November reading of 96. It was the first decline following nine straight months of gains and the lowest reading since June.

The drop was far larger than the 2 percent expected from economists surveyed by Thomson Reuters, and analysts were surprised.

Pending sales were down 26 percent from October in the Northeast and Midwest, 15 percent in the South and 3 percent in the West.

But concerns remain that the market recovery will stall as the federal programs are phased out.

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