US Pending Home Sales Hit Record Low
Pending US home sales dropped 7.3 percent in September to reach the lowest level since records began in 2001. Rising mortgage rates and higher borrowing costs significantly depressed housing demand across all four regions last month.
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Contracts to purchase previously owned homes across the United States tumbled 7.3% to 66.0 in September, marking a record low. The drop reflects falling demand as borrowing costs surged to multi-year highs. Economists polled by Reuters had anticipated a minor dip of 0.5%.
