Pending home sales plunge 30% in May

Sucking sound? What sucking sound???

That loud persistant sucking sound is the housing market being dragged under by debt contraction. First it was reported the May new home sales plummeted by 33%. Now it is reported the pending home sales plunge:

The pending home sales index plunged 30% in May after rising 23% between January and April, the National Association of Realtors reported. The index, which measures signed sales contracts on previously owned homes, was down 15.9% compared with the same month a year ago.

Excuse the yawn. Who didn’t see this coming? If you didn’t then please don’t vote ever AGAIN. It explains so much of recent elections.

Here is the pop quiz of the day:

What changed on April 30th to create this huge shift?

It is almost like a certain policy on housing, like maybe a program to assist buyers, ended…


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