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Pending Home Sales Off 11.6% From Last Month, Down 26.8% From 2010

Headline: Down 11.6% month-over-month, down 26.8% year-over-year Expectations: 1.0% month-over-month decline Analysis: Last month, the pending home sales index surged 5.1%, and it was expected to pull back from that this month. But this is a sharply lower number than expected. While, again, we're dealing with a weak overall market, with few sales happening in the first place, this is still a huge negative miss. It continues to show that the housing market has yet to have found a bottom.

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