Pending homes sales fall 5.5 percent in April

NEW YORK (Reuters) - Contracts to purchase previously owned U.S. homes unexpectedly fell in April to a four-month low, undermining some of the recent optimism that the housing sector was touching bottom.

COMMENTS:

TOM PORCELLI, CHIEF U.S. ECONOMIST, RBC CAPITAL MARKETS, NEW YORK

"This is an ominous sign for existing home sales. Pending homes sales are a leading indicator of existing, showing a strong correlation. This suggests the coming report on existing home sales should show a pullback."

JOSEPH TREVISANI, CHIEF MARKET STRATEGIST, WORLDWIDE MARKETS, WOODCLIFF LAKE, NEW JERSEY

"The markets will not be moved by the pending sales number as it only tracks signed contracts and we have seen more important housing numbers in the past few days."

DAVID CARTER, CHIEF INVESTMENT OFFICER AT LENOX WEALTH ADVISORS IN NEW YORK

"The housing market clearly hasn't recovered fully. Buyers still don't have the required confidence for recovery given uncertainty and burned fingers from the last bubble. This doesn't help equities, but we're still driven by Europe."

My Comments…The other day, all of the experts, and those with an agenda, were all excited about the “Housing Recovery”, Today…not so much. Read this post from a few days ago that shows just how unreliable the media and ‘experts’ are.

Thanks for reading…Steve Jackson

You can call me directly at 561.602.1258