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Yesterday (Monday), Money Morning Chief Investment Strategist Keith Fitz-Gerald appeared on FOX Business' "Varney & Co." to talk about the record-breaking U.S. Pending Home Sales Index numbers that were released earlier that day.
According to the National Association of Realtors (NAR), its U.S. Pending Home Sales (PHS) Index increased 6.1% in May to 103.9. That marked the highest level since September 2013 and the largest percent increase in four years. It also surpassed economists' expectations of a 1.5% increase.
Despite the jump, Fitz-Gerald disagreed with the notion that the housing market is coming back - and he's got the numbers to back it up.
Watch the video to see why Fitz-Gerald doesn't buy that May's U.S. Pending Home Sales Index high means a housing recovery:
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- The Wall Street Journal: U.S. Pending Home Sales Rise 6.1% in May