Pending Home Sales Plunge In November, Realtors Warn Fed Over Higher Rates
by Tyler Durden
ZeroHedge.com
12/30/2015
Having seen New Home Sales disappoint and Existing Home Sales crash in November, Pending Home Sales plunged 0.9% MoM (against expectations of a 0.7% MoM rise). Having plateaued in October near 8-month lows, today’s huge miss was driven by a plunge in sales in The West (-5.5%) and NorthEast (-3.0%). Home sales rose just 2.6% YoY – the weakest since October 2014. The excuse factory was busy with weather, home prices, and inventory trotted out but, perhaps most notably, Realtors warned that higher mortgage rates will temper sales growth in an explicit threat to Janet to “hold.”
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