5/30/12, "Pending Sales of U.S. Homes Decrease by Most in a Year," Bloomberg, S. Chandra
"The number of Americans signing contracts to buy previously owned homes fell in April by the most in a year, indicating the U.S. housing recovery remains uneven.
The index of pending home resales dropped 5.5 percent following a revised 3.8 percent gain the prior month, figures from the National Association of Realtors showed today in Washington. The median forecast of 42 economists surveyed by Bloomberg News called for no change in the measure.
Mortgage rates at record lows failed to sustain the pace of demand as some buyers may have waited for home prices to decline further. Limited access to credit and persistent foreclosures still weigh on housing, adding to concern it will remain a source of weakness
- for the world’s largest economy."...
5/30/12, "Pending home sales post surprise fall in April," Reuters, Lange
"Contracts to purchase previously owned U.S. homes unexpectedly fell in April to a four-month low, undermining some of the recent optimism that the housing sector was touching bottom.
The National Association of Realtors said on Wednesday its Pending Home Sales Index, based on contracts signed last month, fell 5.5 percent to 95.5, its lowest level since December, after a downwardly revised 3.8 percent increase in March....Economists polled by Reuters had expected signed contracts, which lead home sales by a month or two, to rise 0.1 percent....
Also casting a shadow, applications for U.S. home mortgages fell last week as refinance demand faltered, even as mortgage rates hit another record low."...via Rush Limbaugh