Yet another important economic statistic confidently predicted to rise has fallen — hard.
This time it was June's pending sales of existing homes. Just in time for summer, they were predicted to increase by a seasonally adjusted 1.0 percent to 1.5 percent. Instead they fell by 1.8 percent, the steepest drop since December 2013. Additionally, May's original 0.9 percent increase was revised down to 0.6 percent. This brought out yet another appearance of the dreaded "U-Word" ("unexpectedly") — accompanied, as usual, by excuses delivered by Victoria Stilwell at Bloomberg News (bolds are mine):