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US Pending Home Sales Drop to Lowest Since Start of the Pandemic
US pending home sales fell in July for the sixth time this year to the lowest level since the start of the pandemic, extending the housing market’s sharp downturn as high borrowing costs sideline prospective buyers. The National Association of Realtors’ index of contract signings to purchase previously owned homes decreased 1% from a month earlier to 89.8, according to data released Wednesday. That followed a nearly 9% decline in June. The median estimate in a Bloomberg survey of economists called for a 2.6% drop in July. High home prices and a run-up in mortgage rates this year have pushed home ownership out of ... (full story)