After the unexpectedly large drops in new- and existing-home-sales, analysts expected pending home sales to also fall in March (though only modestly) and they did, dropping 1.2% MoM (worse than the 1.0% drop expected) leaving pending home sales down 8.9% YoY…
This is the 5th straight month of declines for pending home sales and is right before mortgage rates started to explode higher. This is the lowest Pending Home Sales index print since May 2020…
And just as we noted with new- and existing-home sales, there is likely far more pain to come as mortgage rates surge…
And mortgage applications plunge…
Source: Bloomberg
And this is all BEFORE Powell unleashes hell.
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