Pending home sales plunge to two-decade low
Mortgage rate surge triggers historic drop in pending sales in October. With mortgage rates going off the charts, pending home sales fell to their lowest level in over two decades, according to the National Association of Realtors (NAR). The number of contract signings for existing homes dropped 1.5% month over month and 8.5% year over year in October, bringing NAR's Pending Home Sales Index (PHSI) to 71.4 – the lowest since the trade association began keeping records in 2001. Housing industry experts attributed this slump to October's peak mortgage rates. "During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20 years," NAR chief
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