U.S. Pending Home Sales Hit Eight Month High

[InTheLight]

(Reuters) - Contracts to buy previously owned U.S. homes hit an eight-month high in May, the latest indication that housing was pulling out of a recent soft patch.

The National Association of Realtors (NAR) said on Monday its Pending Home Sales Index, based on contracts signed last month, increased 6.1 percent to 103.9, the highest level since September of last year.

The percent increase was the largest since April 2010, just before the expiration of a tax credit for first-time home buyers, and far outpaced economists' expectations for only a 1.5 percent advance.

Contracts increased in all regions of the country, with the Northeast and West experiencing the largest gains.

http://www.reuters.com/article/2014/06/30/usa-economy-housing-idUSL2N0PB0OG20140630

 

[poncho]

18 Signs That The Global Economic Crisis Is Accelerating As We Enter The Last Half Of 2014

As I have stressed so many times, the long-term trends and the long-term balance sheet numbers are far, far more important than the short-term economic numbers.

For example, if you went to the mall today and spent a thousand dollars on candy and video games, your short-term "economic activity" would spike dramatically. But your long-term financial health would take a significant turn for the worse.

Well, when we are talking about the health of the U.S. economy or the entire global financial system we need to keep the same kinds of considerations in mind.

As for the United States, whether the level of our debt-fueled short-term economic activity goes up a little bit or down a little bit is not what is truly important.

Rather, the fact that we are nearly 60 trillion dollars in debt as a society is what really matters.

The same thing applies for the globe as a whole. Right now, the citizens of the planet are more than 223 trillion dollars in debt, and "too big to fail" banks around the world have at least 700 trillion dollars of exposure to derivatives.

So it doesn't really matter too much whether the short-term economic numbers go up a little bit or down a little bit right now. The whole system is an inherently flawed Ponzi scheme that will inevitably collapse under its own weight.

Read More At: http://theeconomiccollapseblog.com/archives/18-signs-that-the-global-economic-crisis-is-accelerating-as-we-enter-the-last-half-of-2014

 

[InTheLight]

Rather, the fact that we are nearly 60 trillion dollars in debt as a society is what really matters.

The same thing applies for the globe as a whole. Right now, the citizens of the planet are more than 223 trillion dollars in debt, and "too big to fail" banks around the world have at least 700 trillion dollars of exposure to derivatives.

"That's off topic." -- Some Internet Guy, 1998

OK, Poncho, I get it. Every time I post something you come in here and try to derail the thread with some off-topic conspiracy theory posting. Since I'm on your Ignore List you can claim to not see my replies. It's really juvenile behavior.