Implode-O-Meter Blog reports July 9:

Index of pending home sales fell a record 30% in May to a record-low reading of 77.6 — two huge pessimistic indicators of future prices nationwide. Yet the combination of two record negatives went barely reported when the stats were announced last week.

So here’s the news for you now, a week late, but new to the marketplace of ideas. Pending-home sales now stand below the worst numbers we have seen since the housing crash started in 2006. The rubber bands and duct tape are breaking apart. Presume the fix of a fall is in.

To read more: http://blog.ml-implode.com/2010/07/pending-homes-sales-crash-in-a-record-fall-to-a-record-low-as-tax-break-expires-the-msm-misses-it/