Pending home sales are officially back below 2008 levels in the US. January pending home sales fell 6.9% year-over-year and stand right above the record low. This helps explain why mortgage demand has been down for 5 straight weeks to its lowest level since 1995. Interestingly, pending home sales fell the most in the South and Midwest, by 7.3% and 7.6% respectively. However, they climbed by 0.8% in the Northeast and 0.5% in the West. Housing is simply unaffordable. $Zillow-C(Z.US)$$Real Estate(LIST20762.US)$
It looks like it may be time to find the outperformed in this ETF to possibly find some profitable trades.
$SPDR S&P 500 ETF(SPY.US)$ $Prologis(PLD.US)$ $Redfin(RDFN.US)$ $Simon Property(SPG.US)$ $Vornado Realty Trust(VNO.US)$ $Real Estate Select Sector Spdr Fund (The)(XLRE.US)$ $Real Estate Select Sector Index(.SIXRE.US)$ $Real Estate Select Sector Index Settlement Value(.SISRE.US)$ $Real Estate(LIST20762.US)$
January pending home sales fell 6.9% year-over-year and stand right above the record low.
This helps explain why mortgage demand has been down for 5 straight weeks to its lowest level since 1995.
Interestingly, pending home sales fell the most in the South and Midwest, by 7.3% and 7.6% respectively.
However, they climbed by 0.8% in the Northeast and 0.5% in the West.
Housing is simply unaffordable.
$Zillow-C(Z.US)$ $Real Estate(LIST20762.US)$
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