While economists and financial prognosticators all over the nation are claiming the recession is coming to an end, pending home sales numbers dropped. In the month of January, the index fell by 7.6%.
In another sign that the U.S. housing recovery might be on a shaky foundation, the number of homes placed under sales contract fell 7.6% in January, according to a national index.
The National Assn. of Realtors said Thursday that its pending home sales index, a forward-looking indicator based on contracts signed in January, fell to 90.4 from an upwardly revised 97.8 in December.
It isn’t all bad news, though, the index remains 12.3% higher than in January of 2009. As for the reason sales declined, the NAR blamed the cold weather and snow in January for the decline, which seems dubious.
Pending Sales Numbers Fall in January
While economists and financial prognosticators all over the nation are claiming the recession is coming to an end, pending home sales numbers dropped. In the month of January, the index fell by 7.6%.
It isn’t all bad news, though, the index remains 12.3% higher than in January of 2009. As for the reason sales declined, the NAR blamed the cold weather and snow in January for the decline, which seems dubious.