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The Pending Home Sales Picture

The erosion of pending home sales continues for the year. Last month, pending home sales contracted by 0.6 percent. Rising mortgage rates and prices are driving a lot of buyers away. According to Haver Analytic, the tighten gap between pending home sales and existing home sales is an indication of further headwinds to come in terms of weakness. The housing market is very murky at the moment. Rising prices are good for homeowners, but bad for buyers. On the other hand, increasing mortgage rates are bad for everybody.