U.S. Pending Home Sales Lower For Fourth Straight Month

@AFP

Washington (AFP) – U.S. pending home sales fell for the fourth straight month in September, as higher interest rates continued to hit potential buyers, the National Association of Realtors (NAR) reported Monday.

NAR’s index of the annual rate of pending sales, which points to the pace of actual sales in the coming months, dropped from a downwardly revised 107.6 in August to 101.6 last month, its lowest level since December 2012.

The index was 1.2 percent lower than a year ago.

“This tells us to expect lower home sales for the fourth quarter, with a flat trend going into 2014,” said Lawrence Yun, NAR chief economist.

The NAR blamed the slowdown on higher mortgage interest rates and higher home prices. Home loan rates surged more than one percentage point from May to July after the Federal Reserve signaled it was likely to slow its stimulus program for the economy.

But rates eased in September and October as the Fed held off from the much-expected “taper” and the 16-day partial government shutdown in the first half of this month likely took some strength from economic growth.

Yun said the shutdown contributed to general uncertainty that “curbs major expenditures such as home purchases.”

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Trump's Bootlicker Platoon, Led By A Meth-Brewing Hell's Angel

Former Hell's Angel Chuck Zito, left, and Trump legal adviser Alan Dershowitz

Photo by Sarah Yenesel/pool via REUTERS

In the Manhattan trial of defendant Donald Trump, the prosecution rested on Monday. The defense rested on Tuesday. Judge Juan Merchan has given the 12 jurors and four alternates the rest of the week off, until the day after Memorial Day next week, when closing arguments will begin.

Keep reading...Show less
Truth Social

Trump Media & Technology Group, which runs Donald Trump’s Truth Social platform, has filed its first quarter revenue numbers to the Securities and Exchange Commission. The good news for MAGA-loving stockholders is that the company, of which Trump owns a reported 64.9 percent of the outstanding shares, pulled in a cool $770,500. Now get your sad horn sound ready: It also reported a net loss of $327.6 million.

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