PENDING HOME SALES

Here's one of those unexpected events and it isn't even 2016 yet. Note too the point that "rising home prices and limited new homes for sale." You got rising prices and limited supply. Sounds a bit inflationary. Given that wages have been flat almost as long as the flat earth theory prevailed before Magellen set sail, affordability is a big factor now that regulators have passed another asinine set of lending rules.

Today the NAR released the Pending Home Sales Index, a measure of expected sales on existing homes. The Econoday Consensus Estimate was for a 0.5% rise in a range of 0.0 to 2.4%.

No economist got the sign correct. The index unexpectedly declined 0.9% month-over-month, well below even the lowest economist's estimate. More:

You should also note not one economists got it correct.

globaleconomicanalysis.blogspot.com/2015/12/pending-home-sales-decline-09-well.