Pending Home Sales Tank
This website has been consistently calling out the so-called “housing recovery” in America, which in reality is another asset bubble inflated by cheap capital from money-printing central bankers.
The latest evidence of that? A terrible report from the National Association of Realtors (NAR) which revealed an 8.7 percent drop in pending home sales (experts had predicted the measure to remain unchanged).
What prompted pending home sales to slip to their lowest level since May 2010?
“Unusually disruptive weather across large stretches of the country in December forced people indoors and prevented some buyers from looking at homes or making offers,” said Lawrence Yun, NAR chief economist.
Is that true, though?
No. Not even a little bit.
According to Goldman Sachs, “broad-based declines by region suggest that colder-than-average weather was likely not the primary driver.”
Hmmmmm. What was, then?
Try rising interest rates … which will be compounded this year by 1,800 pages of new home ownership loan regulations promulgated by the nation’s latest market-infringing bureaucracy, the U.S. Consumer Financial Protection Bureau (CFPB).
Don’t tell any of that to Fox Business, though. They swallowed the Realtors’ “it was the weather” excuse hook, line and sinker …