US Pending Home Sales Plunge To Biggest Annual Drop Ever

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After plunging by the most since COVID lockdowns in September, analysts expected US pending home sales to tumble once again in October and they did, dropping 4.6% MoM (September was revised slightly higher from -10.2% MoM to -8.7% MoM)…

But know this, that in the last days perilous times will come” 2 Tim. 3:1

This the 5th straight month of sales declines (and 11th of the last 12 months) leaving the YoY drop down over 36% – the biggest annual drop ever.

“October was a difficult month for home buyers as they faced 20-year-high mortgage rates,” Lawrence Yun, NAR’s chief economist, said in a statement.

“The West region, in particular, suffered from the combination of high interest rates and expensive home prices. Only the Midwest squeaked out a gain.”

Absent the COVID collapse, this is the weakest level for the Pending Home Sales Index since the nadir in June 2010…

Read More @ Zero Hedge HERE