During the housing boom the 'Pending Home Sales Index' from the National Association of Realtors was a big ho-hum to me. I mean, who really cared? Back then home sales were booming -- pending or not. Today, the PHSI is a closely watched barometer on housing trends. Times change. The new PHSI came out this morning and the news is this: the number of buyers who agreed to purchase a home fell sharply in January. Does that mean the sky is falling? Not exactly. Don't forget Eastern states had a ton of snow. For me, the best indicator of where housing (and mortgages) is headed is the unemployment number -- which comes out Friday. Already, economists are saying it could be a bad number because of that crummy weather in the east. We shall see...
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