Pending home sales slip in June
Sales contracts on homes fell in June, backing away from six-year peaks
after a recent rise in mortgage rates, according to data released
Monday. Pending home sales fell 0.4%, though they are up 10.9% from June
2012 levels, the National Association of Realtors said. "Mortgage interest rates
began to rise in May, taking some of the momentum out of contract
activity in June," said NAR Chief Economist Lawrence Yun in a statement.
"The persistent lack of inventory also is contributing to lower
contract signings," he said. A sale is listed as pending when the
contract has been signed but the transaction has not closed, though the
sale usually is finalized within one or two months of signing. The NAR
forecasts existing home sales of 5.05 million and 968,000 housing starts
this year
Ouch...Tapering? ok sure you go with that.
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