If you are wondering why you haven’t seen the Pending Home Sales Report yet….
Since its inception in 2005, the Pending Home Sales Report by the National Association of Realtors has been one of the earlier economic reports that we see every month. A cursory check of the NAR’s releases showed that with the exception of one release on the 6th, the report is always released between the 1st and the 5th of the month. This month however, with virtually no fanfare, the report has been delayed to be released with the housing forecast. This month that means the report will not be released until November 13th. December’s release has been moved back until the 10th. It appears from the 2008 release calendar that this change will be permanent.
I have seen no explanation for the delay given by the NAR, but I have to believe that in the euphoric days of 2005, releasing all those pending home sales early in the month was an opportunity to encourage buyers to buy before the bargains are all gone. To release it early now is probably discouraging already unenthusiastic buyers.
Look for November pendings to be less than inspiring for home buyers.
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>>the report is always released between the >>1st and the 5th of the month.
>>This month.. the report will not be released >>until November 13th.
Suddenly it takes a whole extra week!
So, now we can add “Lazy” to the NAR’s every-impressive resume, right after “Inaccurate” and “Delusional”, hmm?
Au contraire mon frere, they’re burning the midnight oil trying to figure out how to change the report to make things look not-quite-as-horrific as they actually are!
Kind of like our government changing the way inflation is calculated to make it appear that we have 2.x% inflation when, using the same method as was used in 1990, it’s more than 6%.
Hoping Santa was only kidding with the coal and the real presents will be coming real soon now.
#2:
They’re going to roll that extra week’s sales into the total for the month.
I’m betting that they needed to lay off too much staff to produce it in time. NAR will most likely be dissolved within 18-24 months.