'Economists expected' 1% drop, got 11.6%.
5/27/11, "Pending Home Sales Plunge, Reaching Seven-Month Low," Reuters, CNBC
"Pending sales of existing U.S. homes dropped far more than expected in April to touch a seven-month low, a trade group said on Friday, dealing a blow to hopes of a recovery in the housing market.
The National Association of Realtors Pending Home Sales Index dropped 11.6 percent to 81.9 in April, the lowest since September. Pending home sales lead existing home sales by a month or two.
Economists, who had expected pending home sales to fall 1.0 percent last month, said bad weather in some parts of the country might have affected home shopping....
Pending home sales in the South, which was ravaged by tornadoes, dropped 17.2 percent.
- Sales were also down in the Midwest and the West."...
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How do these 'economists' hold a job? ed.
via Drudge Report
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