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Pending Sales of U.S. Existing Homes Rise Less Than Forecast

Pending Sales of U.S. Existing Homes Rise Less Than Forecast (Bloomberg)

Contracts to purchase previously owned U.S. homes rose less than forecast in November, reflecting rising borrowing costs are reining in a residential real estate recovery. A gauge of pending home sales increased 0.2 percent, the first gain in six months, after a 1.2 percent drop in October that was bigger than initially reported, the National Association of Realtors announced today. The median projection in a Bloomberg survey of economists called for a 1 percent advance. Higher mortgage rates, tight lending standards and price increases driven by a limited supply of homes for sale are discouraging prospective buyers.

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Contracts to purchase previously owned U.S. homes rose less than forecast in November, reflecting rising borrowing costs are reining in a residential real estate recovery.

archive

Pending Sales of U.S. Existing Homes Rise Less Than Forecast

Contracts to purchase previously owned U.S. homes rose less than forecast in November, reflecting rising borrowing costs are reining in a residential real estate recovery.

Pending Sales of U.S. Existing Homes Rise Less Than Forecast (Bloomberg)

Contracts to purchase previously owned U.S. homes rose less than forecast in November, reflecting rising borrowing costs are reining in a residential real estate recovery. A gauge of pending home sales increased 0.2 percent, the first gain in six months, after a 1.2 percent drop in October that was bigger than initially reported, the National Association of Realtors announced today. The median projection in a Bloomberg survey of economists called for a 1 percent advance. Higher mortgage rates, tight lending standards and price increases driven by a limited supply of homes for sale are discouraging prospective buyers.

Written By

Paul Dykewicz is the editorial director of the Financial Publications Group at Eagle Publishing Inc., www.eaglepub.com, of Washington, D.C. Eagle publishes five free, e-letters, 10 weekly trading services and five monthly investment newsletters, Forecasts & Strategies, Successful Investing, Cash Machine, Growth & Dividend Report and The Alpha Investor Letter. He also is the editor of Eagle Daily Investor and the author of the inspirational book, "Holy Smokes! Golden Guidance from Notre Dame's Championship Chaplain."

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