Pending home sales pull back in June as rates rise

Reuters ^ | July 29, 2013 | Paige Gance

[John W]

(Reuters) - Contracts to purchase previously owned U.S. homes fell in June, retreating from a more than six-year high touched the prior month, suggesting rising mortgage rates were starting to dampen home sales.

The National Association of Realtors said on Monday its Pending Homes Sales Index, based on contracts signed last month, decreased 0.4 percent to 110.9. May's index was revised down to 111.3 from a previously reported 112.3.

[John W]

Yes, the rising rates for sure. Nothing to do with The Obama Economy.

[John W]

And last month has to be revised downward so this month’s drop doesn’t appear as bad. Bogus.

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Where’s the oft-used lamestream media’s headline adjective “Unexpected!” ?

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