“1. The pending sales can’t guarantee that all houses will be closed. The fell out subprime and the sentiment of buyers (changing their mind) may affect the percentage of houses being closed.”
Excellent point. Care to guess how many “pending” buyers (especially subprime, but maybe even Alt-A) will find they have been locked out of loans when they discover their favorite lender is out of business or in the process of shuttering its doors?
That Wall Street is creaming over this feeble morsel of “good” news is just a sign of how pathetic and desperate they have become. Thsi isn’t a dead cat bounce; it’s a dead elephant roll.
