Implode-o-Meter News - Pending Sales of U.S. Existing Homes Unexpectedly Plunge

Contracts to purchase previously owned U.S. homes unexpectedly fell in November, confirming earlier figures that showed the industry lost momentum toward the end of the year. The index of pending home sales dropped 0.9 percent... TheÂ median forecast of 28 economists surveyed by Bloomberg called for an increase of 0.7 percent.
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The pullback underscores concern raised by the slump in sales of existing homes last month, weakening the real-estate agents' group argument that new mortgage-lending rules caused the slowdown. Rising prices and a limited supply of properties on the market have restrained buyers, making for a slow recovery in housing.
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"Home prices rising too sharply in several markets, mixed signs of an economy losing momentum and waning supply levels have acted as headwinds in recent months," NAR chief economist Lawrence Yun said in a statement. "Available listings that are move-in ready and in affordable price ranges remain to come by."

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Pending Sales of U.S. Existing Homes Unexpectedly Plunge