Pending sales of existing homes in U.S. dropped 1.3% in July

INCREASING INTEREST RATES seem to be having a negative effect on home sales in the U.S., as July saw the second consecutive decline in the pending home sale index produced by the National Association of Realtors. / BLOOMBERG NEWS FILE PHOTO/DANIEL ACKER
INCREASING INTEREST RATES seem to be having a negative effect on home sales in the U.S., as July saw the second consecutive decline in the pending home sale index produced by the National Association of Realtors. / BLOOMBERG NEWS FILE PHOTO/DANIEL ACKER
WASHINGTON - Fewer Americans signed contracts in July to buy previously owned homes, a sign that rising mortgage rates are starting to slow momentum in the housing market. The index of pending home sales dropped 1.3 percent, the most this year, after a 0.4 percent decrease in June, figures from the National Association of Realtors…

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