Pending home sales slid 7.1% in August, according to the National Association of REALTORS®. All four U.S. regions posted monthly losses and year-over-year declines in transactions. "Mortgage rates have been rising above 7% since August, which has diminished the pool of home buyers," said Lawrence Yun, NAR chief economist. "Some would-be home buyers are taking a pause and readjusting their expectations about the location and type of home to better fit their budgets." The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – sank 7.1% to 71.8 in August. Year over ... (full story)