Data on pending home sales in the U.S. were generally within expectations, but still about 20% below levels a year earlier. It looks like a scale reduction observed in the depths of the crisis at the beginning of 2008, but the current downturn in the largely triggered by the expiration of tax privileges. The fact remains that to the U.S. housing market is steadily showing some signs of recovery, it is necessary to process a huge stock of unsold homes. The volume of unsold homes are at record levels, accounting for 11.6 months at the current pace of sales, nearly a year. The big fear is that this will limit the potential demand, when the corrective cycle inventory for the entire economy will be completed.
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