Pending Home Sales Fell 16% In November

Flipping Real Estate investors have felt this lag for a few business cycles. Pending home sales unexpectedly plunged in November, according to a report issued Tuesday by the National Association of Realtors, posting their largest drop on record, 16%, after several months of positive inclines for a closely-watched indicator of housing market activity. “According to the industry group, National Association of Realtors, November pending home sales activity dropped by 16% to a reading of 96.0, compared with the previous month’s reading of 114.3. The drop was much larger than expected by Wall Street, which was looking for a dip of 2% for the indicator for November.”