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US Pending Home Sales Index Drops to Lowest Level on Record
A gauge of pending sales of existing US homes fell to its lowest level on record in October, illustrating a resale market battered by high borrowing costs and prices. The National Association of Realtors’ index of contract signings to purchase previously owned homes declined 1.5% to 71.4, the lowest in data back to 2001, the group reported Thursday. The median estimate in a Bloomberg survey of economists called for a 2% decrease. “During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20 years,” Lawrence Yun, NAR’s chief economist, said ... (full story)