U.S. housing recovery losing steam, pending home sales fall again
http://s1.reutersmedia.net/resources...=CBRE98P14RW00
WASHINGTON | Thu Sep 26, 2013 10:40am EDT
(Reuters) - Contracts to purchase previously owned U.S. homes fell for the third straight month in August, a sign that rising mortgage rates are taking the steam out of the U.S. housing market recovery.
The National Association of Realtors said on Thursday its Pending Homes Sales Index, based on contracts signed last month, decreased 1.6 percent to 107.7. Economists polled by Reuters had forecast a -1.0 decline.
Mortgage rates are hovering near a two-year high and a drop in demand for existing homes is pushing potential home buyers out of the market and slowing the momentum in the recovery in real estate.
Contracts fell across most of the country, with gains only in the Northeast.
The U.S. housing market was battered by the 2007-09 recession but appeared to turn a corner early last year when home prices began to rise again.
(Reporting by Margaret Chadbourn; Editing by Krista Hughes)
http://www.reuters.com/article/2013/...98P0NH20130926
http://s1.reutersmedia.net/resources...=CBRE98P14RW00
WASHINGTON | Thu Sep 26, 2013 10:40am EDT
(Reuters) - Contracts to purchase previously owned U.S. homes fell for the third straight month in August, a sign that rising mortgage rates are taking the steam out of the U.S. housing market recovery.
The National Association of Realtors said on Thursday its Pending Homes Sales Index, based on contracts signed last month, decreased 1.6 percent to 107.7. Economists polled by Reuters had forecast a -1.0 decline.
Mortgage rates are hovering near a two-year high and a drop in demand for existing homes is pushing potential home buyers out of the market and slowing the momentum in the recovery in real estate.
Contracts fell across most of the country, with gains only in the Northeast.
The U.S. housing market was battered by the 2007-09 recession but appeared to turn a corner early last year when home prices began to rise again.
(Reporting by Margaret Chadbourn; Editing by Krista Hughes)
http://www.reuters.com/article/2013/...98P0NH20130926
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