Biden Economy: Pending Home Sales Drop 38% – Largest Annual Drop Ever!

 

Biden’s economy is crashing.  The housing market is an example. 

 

Now it’s getting even worse.  (See chart above) 

Zerohedge shared today:

That is the 6th straight month of pending home sales declines (and 12th of the last 13 months).

On a year-over-year basis, pending home sales collapsed 38.60%, the largest annual drop ever.

“There are approximately two months of lag time between mortgage rates and home sales,” Lawrence Yun, NAR’s chief economist, said in a statement.

“With mortgage rates falling throughout December, home-buying activity should inevitably rebound in the coming months and help economic growth.”

Pending sales fell in all four regions in the month, led by the Northeast and Midwest.

Outside of the COVID-Lockdown collapse, this is the lowest pending home sales index level ever…

Another chart at Zerohedge shows the results as follows:

Pending home sales have reached the lowest point on record.  Not even the 2020 forced COVID shutdowns were worse.

This is the Biden economy and it appears to be an intentional destruction of the United States of America.