Pending Home Sales

Pending Home Sales were up 2.9% in February.  But they were down 23.4% YOY.  Also, the median prices were down by 8.2% from last year!  Pending Home sales were down by 29.2% and 26.4% in the West and Northeast.

The MSM is going to blow the 3% gain as a recovery.  But remember that in 2006, there was also a gain in Feb.  This is the start of the spring season.  So home sales should go up.  It's going to see the cancellation rate on those home sales.