The U.S. housing market is under pressure.
Data this week on new home sales and pending home sales reflected sharp drops from last year and showed the impact higher interest rates continue to have on prospective buyers.
On Wednesday, the latest report on pending home sales from the National Association of Realtors showed contracts to buy previously owned homes fell 1% from June to July and 19.9% from July 2021 to July 2022.
The Pending Home Sales Index — a measure of signed contracts on…
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