FINANCIAL TIMES: Fewer Americans signed contracts to buy previously owned homes in September, the fourth straight month of declines, as higher mortgage interest rates and home prices held back purchases.
The National Association of Realtors’ pending home sales index, which tracks contracts that have been signed but not closed, dropped 5.6 per cent – the largest one-month decline in more than three years. The data came in sharply below expectations for no change from August’s 1.6 per cent dip…
Economists largely believe the housing recovery will not be derailed, amid pent-up demand for properties, rising home prices and still affordable buying conditions compared to historic levels. But the pace of improvement, they say, has slowed from the rally seen in the year to early 2013, which was characterised by double-digit price gains and bidding wars in the most sought-after markets… (more)
