Pending Home Sales and IBD/TIPP Data
Pending home sales data for Feb 08 was released today--A drop of 1.9% and lower than analyst expectations. This is the lowest level since records began in 2001.
Additionally, the Investor's Business Daily and TechnoMetrica Market Intelligence (IBD/TIPP) economic optimism index fell to 39.2 in April, the worst result in the index's history, from March's 42.5, well below the 50 level that separates pessimism from optimism. The index was started in February 2001. The personal finances gauge fell below the neutral 50 level for the first time, signaling economic and credit woes are directly hitting more Americans.
Takeaway from this post: Regardless of what some people are saying these days, we're no where near a bottom with housing or credit market problems.