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Monday's Pending Home Sales Report: More Negative Housing Data
On Monday the National Association of Realtors (NAR) released its
Pending Home Sales Index report for November. This is a pretty good
proxy for the volume of activity in the housing market because it
contains a data column that shows the actual number of signed contracts,
which can tell a strikingly different story than the "seasonally
adjusted annualized" number that makes headline news reports. It does
not revise for cancellations, which started to rise sharply during Q3
and Q4.
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