The NAR (National Association of Realtors) released their November Pending Home Sales Index today.
The NAR press release trumpets five consecutive months of increasing pending sales using seasonally adjusted data and forecasts a “gradually improving” home sales market in 2011.
They are not seeing the real trend in the unadjusted data. That indicates a declining trend year over year, as shown in the following graphic:
Image: Global Economic Intersection
The number of existing home sales in December 2009 was 413,000. The forecast we have for December 2010 is 326,000, based on the November pending home sales index. That is a decline of 21% year-over-year.
Read more: Here..