WASHINGTON (Reuters) - Contracts to buy previously owned homes unexpectedly declined in January to their lowest level in more than three years, another sign that the housing market appears to be losing some momentum.
The National Association of Realtors said on Wednesday its pending home sales index dropped to a reading of 104.6, down 4.7 percent from the prior month. December’s index was also downwardly revised to 109.8.
Economists polled by Reuters had forecast pending home sales rising 0.3 percent last month.
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5 comments:
There is nothing worth buying in Salisbury, low inventory
Unexpectedly my arse.
This is the result of very slight increase in interest rates.
Imagine what will happen when the inevitable significant increases begin?
This economy is hanging by a thread and the FED is propping up the markets with fiat currency (debt) printed out of thin air.
It is a disaster waiting to happen.
My opinion is they will blackmail our fine POTUS into doing what they want (including gun control) and if he refuses, they will collapse our fragile economy.
Terrible situation created by YEARS of easy money from the FED and over-spending by the Federal Government.
The bankers are cruel and controlling people and they are the ONLY ones who are buying the Bonds at this point in time.
rates go up, sales go down...
The tax cuts are hurting sales of high end homes. Can't deduct property tax or large mortgage interest. Realtors are losing money and not happy.
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