The Big Picture reports Foreclosure Sales in the West Drive PHSI
A surge in foreclosure sales and distressed properties was the primary driver behind a notable improvement in the Pending Home Sales Index. In December, the PHSI rose 6.3% from an upwardly revised reading in November. The more important year-over-year reading was a more modest 2.1% increase versus December 2007.
The west bounced back, but as Barry stated:
Given what we know about the foreclosure-driven existing home sales out west, this last data point is no surprise.