Ouch! Pending home sales are officially back below 2008 levels in the US.

January pending home sales fell 6.9% year-over-year and stand right above the record low.

This helps explain why mortgage demand has been down for 5 straight weeks to its lowest level since 1995.

Interestingly, pending home sales fell the most in the South and Midwest, by 7.3% and 7.6% respectively.

However, they climbed by 0.8% in the Northeast and 0.5% in the West.

Housing is simply unaffordable.