The National Association of Realtors Pending Home Sale Index which measures contracts versus closings for existing home sales fell 2.6 percent from May to June, down 18.6 percent on a year-over-year basis. The index fell 0.2 percent from May to June in the West, down 14.2 percent on a year-over-year basis.
∙ Pending Home Sales Ease in Post-Tax Credit Market [NAR]
downward spiral! falling to the lowest level on record! (the series only dates back to 2001). the magnitude is staggering, the index has fallen 32% over the past two months.