Despite a plunge in homebuilder sentiment, after June's unexpected drop "due to an unprecedented price spike", Pending Home Sales were expected to join both new- and existing-home sales with a modest rebound in July. But that was very wrong as July's US Pending home sales plunged 1.8% MoM (against +0.3% MoM expected), sending the year-over-year sales comp down 9.5%.

That is a second straight monthly decline in pending home sales...