FXstreet.com (Barcelona) - The housing market in United States has been hit by the economic situation and the increase in the unemployment rate, the index has posted the lowest level since the series began in 2001, According to data provide by the National Association of Realtors.
Pending home sales fall 4,0% between October and November posting the index at 82.3 pts, the lowest level since 2001. market expectations was a 1.0% decrease in November. November has been posted well below from Otctober's data of 0,7% decline.
Year over year, pending home sales has fallen 5.3% in November related to same month in 2007.
Lawrence Yun, NAR chief economist, said a weakening was inevitable and December will be on the same way. Mounting job losses and very weak consumer confidence deterred home buyers from signing contracts in November, he said. December's housing market activity could be comparably lower due to ongoing problems in the economy, so a real estate-focused stimulus plan is urgently needed.