Pending Sales of Existing Homes in U.S. Decreased 1% |
| Bloomberg - May 8, 2008 |
Fewer Americans signed contracts to buy previously owned homes in March for the second consecutive month as falling prices and tougher loan rules discouraged buyers.
The index of pending home resales fell 1 percent to 83, following a 2.8 percent drop in February that was larger than previously reported, the National Association of Realtors said today in Washington. The decline matched the median forecast of economists surveyed by Bloomberg News.
The glut of unsold properties is driving down home values, while rising defaults on subprime mortgages have prompted lenders to restrict access to credit, representing more hurdles for buyers. The slump in residential real estate may persist for much of the year, hurting economic growth.
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- Posted: 2008-05-08 08:41:36
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