The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

Washington (AFP) — U.S. pending home sales continued to sag in February, declining for the eighth straight month amid higher prices and higher mortgage rates, the National Association of Realtors said Thursday.

The NAR pending home sales index, based on contract signings, fell to 93.9 last month from 94.7 in January.

February’s level was the lowest since October 2011. A year ago, the index stood at 104.9.

A combination of tight supplies, rising prices and, at the same time, rising mortgage loan rates has put a dent in home buying.

Lawrence Yun, NAR chief economist, said harsh winter weather had been an ingredient as well in the slowdown, and that rising new home construction could spur a rebound in buying as the cold weather ebbs.

“Buyer traffic information from our monthly realtor survey shows a modest turnaround, and some weather delayed transactions should close in the spring,” he said in a statement.

NAR expects 5.0 million sales of existing or used homes this year, slightly less than last year. But it sees a 19 percent rise in new home construction as well, to about 1.1 million units.

afp.com / Justin Sullivan

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Rep. Adam Schiff

Reprinted with permission from AlterNet

John Eastman, the far-right lawyer who authored Trump's "coup memo," announced on Friday that he would be defying a subpoena from the House January 6 Committee.

Keep reading... Show less

From left, Ethan Crumbley and his parents James and Jennifer Crumbley

(Reuters) -The parents of a Michigan teenager accused of murdering four fellow high school students were taken into custody on Saturday, a day after each was charged with four counts of involuntary manslaughter in connection with the campus mass shooting.

Authorities began searching for James and Jennifer Crumbley after Oakland County prosecutors announced the charges on Friday, saying the Crumbleys bought the gun for their son as a Christmas present and then ignored warning signs that may have presaged such a massacre.

Keep reading... Show less
x
{{ post.roar_specific_data.api_data.analytics }}