Pending Home Sales Plunge as US Housing Market Gets Rocked by High Mortgage Rates

Started by Epoch-Times-Bot, Oct 28, 2022, 01:00 PM

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Epoch-Times-Bot

Oct 28, 2022, 01:00 PM
Pending Home Sales Plunge as US Housing Market Gets Rocked by High Mortgage Rates

The number of pending home sales plunged in September due to soaring mortgage rates, according to data released on Friday by the National Association of Realtors.
The group’s pending home sales index declined 10.2 percent last month, far exceeding what analysts had predicted for September. Pending transactions fell 31 percent year-over-year, it found.
It noted that with the Federal Reserve’s recent monetary tightening policies and sticky inflation, people aren’t looking to purchase homes. The Fed has raised rates by 75 basis points during three consecutive meetings to tamp down decades-high inflation.
"Persistent inflation has proven quite harmful to the housing market," National Association of Realtors Chief Economist Lawrence Yun said in a news release. "The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers."...

Source: Pending Home Sales Plunge as US Housing Market Gets Rocked by High Mortgage Rates

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