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Pending Home Sales Suggest Further Housing Pain Ahead

US DATA
  • Much weaker than expected pending home sales in Sept (-10% M/M vs cons -4.0%), suggesting the slide in existing home sales isn't done yet having previously looked to be levelling off.
  • The northeast led the decline at -16.6% M/M but contract signings pulled back in all four major US regions, with the smallest hit -8.1% M/M in the south, rather than the decline being down to one particular outlier.
  • Pending sales are just 10% off the Apr'20 and prior to that were last seen in May'10.

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