Jun 10 2008 11:40AM | Permalink | Email this | Comments (0) |
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In my post yesterday, I briefly mentioned the latest NAR forecast, notably the prediction of a 6.4 percent drop in home prices this year. 

The CNBC Realty Check blog (with a hat tip to the aptly-named Housing Doom blog) has an interesting post on the rest of what they reported yesterday, notably a 6.3 percent increase in the Pending Home Sales Index. Frankly, I didn't bother talking about it, because I didn't really see it as news. It's not the first time we've seen volatile month to month changes, whether it's in pending sales, existing sales or starts. What really matters is the year-over-year changes (which was down 13.1 percent).

But even more importantly, as the Realty Check post points out, is the actual sales, because while pending and actual sales used to track closely, beginning last summer the numbers started to get further and further apart as the market deteriorated.