Archive for the ‘True Sign’ tag
Expect Pending Home Sales to Keep Falling, Economists Say
The 4.7% decline in U.S. pending home sales in May shows that the
previous month’s gain was not a true sign of
stabilization, economists said after a release the National
Association of Realtors on Tuesday.
Patrick Newport, U.S. economist at Global Insight, called the
report “disappointing,” noting that a lot of forces such as tight credit
and rising interest rates in May were at work to bring down each of the
four regions’ sales. He said previous data suggested signs of
stabilization, but this release indicates the housing market has yet to
hit a bottom.