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More Bad News for Housing-Pending Home sales at Three Year Low

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Pending home sales for the month of September crashed to a three year low. The index showed a decline of 5.6 percent to 101.6. Here are some of the potential reasons for the drop:

  •     Rising mortgage rates-Rates last month were at a two-year high.
  •     Tapering talks are scaring investors about high mortgage rates.
  •     Some homeowners are holding onto their homes for better prices-The expectation of higher prices by sellers drives inventory lower.