From USA Today:
Pending sales of existing homes, a leading indicator for the housing sector, fell in July to the lowest level in nearly six years as borrowers struggled to finalize home purchases, particularly in expensive areas.
The National Association of Realtors said its seasonally adjusted index of pending home sales for July fell 16.1% from a year ago and 12.2% from the prior month.
A home sale is listed as pending when the contract has been signed but the transaction has not closed. The sale usually closes within months of signing.
Some home purchases aren't closing because mortgage loans have been "falling through at the last moment," Lawrence Yun, the Realtors trade group's senior economist, said in a statement.
"Numbers like this should put to rest the belief that we've reached the bottom" in the housing market, said Joel Naroff, chief economist for Commerce Bancorp. "There's still a lot of pain that's ahead of us."
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment