Fundamentals 6/29: Mixed Messages on Housing?

MBA Mortgage Applications
-Purchase Index: Week/Week -3.0%
-Refinance Index: Week/Week -2.6%
-Composite Index: Week/Week -2.7%
– This makes it a bit harder to disguise the error in yesterday’s media fiction that the housing market was looking good. On the other hand…

NAR Pending Home Sales for May
-Pending Home Sales Index: 88.8
-Pending Home Sales Index: Month/Month +8.2%
-Pending Home Sales Index: Year/Year +13.2%
-Index is contracts not closings, which normally occur within 1-2mo
-While the May pop looks nice one might recall that April was -11.3 and we are not back to where we were in March.