• Pending home sales sagged for the third straight month in August, according to the National Association of REALTORS^®. Three out of four major regions experienced month-over-month decreases in transactions, however, the West saw a modest gain. Year-over-year, all four regions posted double-digit declines.
• “The direction of mortgage rates – upward or downward – is the prime mover for home buying, and decade-high rates have deeply cut into contract signings,” said NAR Chief Economist Lawrence Yun. “If mortgage rates moderate and the economy continues adding jobs, then home buying should also stabilize.”
• “Only when inflation calms down will we see mortgage rates begin to steady,” said Yun.

Tagged: #Bidenflation