January 08, 2009 |
|The pending home sales index fell 4.0 percent in November pointing to deepening declines for the housing sector (October was revised downward to 85.7). Year-on-year rates are also showing accelerating deterioration, at -5.3 percent in November compared with -1.0 percent in October. Home sales data for December will be released at month end.|
Market Consensus Before Announcement
The pending home sales index for October fell 0.7 percent to 88.9 with the year-on-year rate slipping back below zero at -1.0 percent. But we could see some improvement in November based on a jump in mortgage applications due to the recent, sharp decline in mortgage rates. Most recently, purchase applications in the Dec. 26 week rose 1.4 percent to 320.9.
Pending home sales Consensus Forecast for November 08: 88.0
Range: 84.5 to 90.2