The Pending Home Sales Index is down 12.3%. According the the NAR’s statement about the PHSI, that is a negative for the next two months. While their press release emphasizes the 5.3% monthly gain in June, we have demonstrated in the past why that amount to little more than the usual seasonality, as families who are moving try to get into the new homes before the new school year starts.
Most people only read the headlines. If you point out the error, you’re labeled a “Negative Nellie” – but it’s the perfect sign that you are facing someone who lacks even a modicum of intelligence – the attacker is refusing to process any logic because they have reached the crescendo of denial.
While these NAR jokers having been calling bottoms in perpetuity, real estate brokers are likely so distressed about the situation that even they aren’t going to get pissed off about it anymore.
UPDATE: Follow up by Ritholtz…the media was either completely duped, or they’re all about to get foreclosed on so they’re collaborating with the NAR to dupe someone else.