Pending home sales plunge 16% in November
The National Association of Realtors came out with its pending home sales data for November a little while ago. Here's what the numbers looked like:
* Pending sales plunged 16%. That compared with an expected decline of 2%. Yikes!
* On a year-over-year basis, the pending sales index actually rose 15.5% to 96 from 83.1.
* Regionally, sales fell across the country. Sales dropped 2.7% in the West, 15% in the South, and 25.7% in both the Northeast and Midwest.
Pending home sales plunged by a much larger than expected margin in November. That's the bad news. The good news? It's largely tax credit related. Since the period covered in this report, the first-time buyer credit has been expanded and extended. We've also seen indicators of unemployment and economic growth stabilize over the past few months. So after we work through this period of housing indigestion, we'll likely see sales rates gradually pick up again and home inventories gradually decline.
* Pending sales plunged 16%. That compared with an expected decline of 2%. Yikes!
* On a year-over-year basis, the pending sales index actually rose 15.5% to 96 from 83.1.
* Regionally, sales fell across the country. Sales dropped 2.7% in the West, 15% in the South, and 25.7% in both the Northeast and Midwest.
Pending home sales plunged by a much larger than expected margin in November. That's the bad news. The good news? It's largely tax credit related. Since the period covered in this report, the first-time buyer credit has been expanded and extended. We've also seen indicators of unemployment and economic growth stabilize over the past few months. So after we work through this period of housing indigestion, we'll likely see sales rates gradually pick up again and home inventories gradually decline.
posted by Mike Larson at
9:39 AM
3 Comments:
Question: If the Fed ever decides to print a new currency. What becomes of the old? Is it worthless? Is there an exchange?
By
Anonymous, at January 6, 2010 at 12:25 PM
We will just start using a different currency.
It will not be our own.
By
Anonymous, at January 7, 2010 at 12:35 AM
Currency is backed by law, so whichever currency is backed by law, that will have value, and the other goes into the recycle bin.
By
SF Mechanist, at January 7, 2010 at 10:38 PM
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