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IPFS News Link • Housing

Pending Home Sales Buck Dismal Trend - Surged In May

• Zero Hedge

It's been an ugly month for housing data - new- and existing-home sales have slumped, homebuyer confidence has collapsed, mortgage applications have crashed, home prices are accelerating at a record pace, and even homebuilder confidence is starting to ebb.

The last man standing for bulls to pin their hopes on and ignore everything else was today's Pending Home Sales which analysts expected to drop 1.0% MoM in May (after a 4.4% drop in April). Sure enough, pending home sales (which everyone will now argue is forward looking) ripped 8.0% higher MoM - the biggest jump in almost a year.