Monday, February 28, 2011

Pending Home Sales Fall In January For Second Straight Month

The National Association of Realtors reported at 10:00 that pending home sales fell 2.8% in January, which wasn't far from expectations. On the other hand, the revised estimate for the previous month was far worse than the previously reported 2% increase. Instead, December's fell by 3.2%. The NAR's been adjusting its model to wean out overoptimism, which explains a large part of the drop. Pending sales are below where they were in January of last year, but are well above the June trough.


Gold, already sunken to $1,408 by that time, liked the news enough to sharply reverse and ascend to above $1,414. Despite that earlier drop, the $1,410-$1,415 range is still in place.

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