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Why Pending Home Sales are Negative for the Housing Market

Posted on June 09, 2008

I've read a number of articles and blogs on the Pending Home Sales Index (PHSI) numbers this morning. I believe most of the analysis is missing the two key points.Let's start with the usual caveat that this is just one month of data.As noted earlier, the NAR Pending Home sales index (PHSI) showed a 6.3% increase in April as compared to March. These pending sales (for April) are supposed to...

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