2008-06-09 US Economic Releases

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2008-06-09 Pending Home Sales MoM

Pending Home Sales MoM (Apr)

Survey -0.4%
Actual 6.3%
Prior -1.0%
Revised n/a


2008-06-09 Pending Home Sales YoY

Pending Home Sales YoY (Apr)

Survey n/a
Actual -13.8%
Prior -21.7%
Revised n/a


2008-06-09 Pending Home Sales ALLX

Pending Home Sales ALLX

Yet another better than expected release.

Might be too strong to call this a blow out number, but only because it’s from a low base.

The northeast was about flat, the rest of the regions up.

For a while I’ve been suggesting we bottomed in the Oct/Nov period and it still looks like that could be about right.

Note the large jump in the non seasonally adjusted numbers.

Prices should be (irregularly) moving up as well.

And housing will be expected to subtract less from GDP. Might even start adding soon.

The Fed is getting what it perceives as ‘further and further behind the inflation curve’ as CPI continues higher and GDP moves higher.

And much of the financial sector is getting left behind as the real economy moves forward without it.

Friday’s unemployment info was a lagging indicator and now it’s fading from market memory as well as evidenced by the large increases in market interest rates.