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Mon Oct 28, 2013, 01:40 PM

Pending Sales of Existing Homes Slump by Most in Three Years

Source: Bloomberg

By Lorraine Woellert - Oct 28, 2013

Fewer Americans than forecast signed contracts to buy previously owned homes in September, the fourth straight month of declines, as rising mortgage rates slowed momentum in the housing market.

The index of pending home sales slumped 5.6 percent, exceeding all estimates in a Bloomberg survey of economists and the biggest drop in more than three years, after a 1.6 percent decrease in August, the National Association of Realtors reported today in Washington. The index fell to the lowest level this year.

Mortgage rates last month reached two-year highs and some homeowners are reluctant to put properties up for sale as they wait for prices to climb, leading to tight inventories. Those forces are pushing some would-be buyers to the sidelines and slowing the pace of recovery in real estate, giving Federal Reserve policy makers reason to delay reducing stimulus when they meet this week.

“We’ll be in this weakness for a little bit, maybe even going into the fourth quarter,” said Yelena Shulyatyeva, a U.S. economist at BNP Paribas in New York, the second-best forecaster of pending home sales over the past two years, according to data compiled by Bloomberg. “This is a clear signal to the Fed as to what happens when you try to play with nascent housing recovery. The minutes indicated they were really concerned about it.”

Read more: http://www.bloomberg.com/news/2013-10-28/pending-sales-of-existing-homes-slump-by-most-in-three-years.html

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Reply Pending Sales of Existing Homes Slump by Most in Three Years (Original post)
Purveyor Oct 2013 OP
MisterP Oct 2013 #1
Harmony Blue Oct 2013 #2
L0oniX Oct 2013 #3
Berlum Oct 2013 #4
Dawson Leery Oct 2013 #5

Response to Purveyor (Original post)

Mon Oct 28, 2013, 01:43 PM

1. what, you people think that houses are for *living in*!?

next you'll be telling me that people aren't just the sum total of their bank accounts!

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Response to Purveyor (Original post)

Mon Oct 28, 2013, 01:46 PM

2. The obstacles for a young single/couple or family

to buy a home now are staggering. There is going to be a lot of empty homes in the coming years.

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Response to Purveyor (Original post)

Mon Oct 28, 2013, 01:52 PM

3. Blame goes to the GOP for the shut down.

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Response to L0oniX (Reply #3)

Mon Oct 28, 2013, 03:10 PM

4. Yep - the Republicons crapped in America's real estate bed

with their evil, misbegotten anti-American efforts to shut down the US of A.

Voters -- and home buyers and sellers -- will remember.

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Response to L0oniX (Reply #3)

Mon Oct 28, 2013, 10:58 PM

5. +1

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