Meanwhile, There’s Data

While I was busy writing about important things on Monday morning, the first of this week's deluge of notable data missed estimates, as pending home sales "unexpectedly" dropped a second month. Note the scare quotes. To me, any weakness that shows up in the housing market stateside isn't "unexpected." I've variously argued that sales (and prices) are almost destined to fall from here after an absurd run in the post-COVID era. I've also readily admitted (on countless occasions) that just as my