Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Pending Home Sales Dip In July
WASHINGTON (8/29/13)--Pending home sales in the U.S. were down in July, with higher mortgage interest rates slowing the market, according to the National Association of Realtors (NAR).
 
The Pending Home Sales Index--a forward-looking indicator based on contract signings-- declined 1.3%, to 109.5 in July from 110.9 in June, but is 6.7% above July 2012 when it was 102.6. The data reflect contracts but not closings. Pending sales have stayed above year-ago levels for the past 27 months. 
 
There is an uneven pattern around the country, said Lawrence Yun, NAR chief economist. "The modest decline in sales is not yet concerning, and contract activity remains elevated, with the South and Midwest showing no measurable slowdown," he explained.
 
"However, higher mortgage interest rates and rising home prices are impacting monthly contract activity in the high-cost regions of the Northeast and the West," he said. "More homes clearly need to be built in the West to relieve price pressure, or the region could soon face pronounced affordability problems."
 
NAR projects existing-home sales to increase 10% for all of 2013, totaling about 5.1 million, and reach about 5.2 million next year.
 
To read the NAR release, use the link.
RSS print
News Now LiveWire
.@TheNCUA open board meeting starts at 10 a.m. ET tomorrow. It is board member J. Mark McWatters' first. Watch @NewsNowLiveWire
13 hours ago
.@CFPB is proposing to oversee larger nonbank auto finance companies for the first time at the federal level.
14 hours ago
.@CUNA's Bill Hampel moderates a discussion on the future of credit unions in the post-100 million member world. http://t.co/kcXykiRQVn
16 hours ago
#Breaking: QE likely to end next month, @federalreserve says #NewsNow #Market http://t.co/u7Fb5l5fwM
17 hours ago
.@Experian study confirms that building a credit history is beneficial to financial marginalized communities. 64M are "credit invisibles"
17 hours ago