U.S. pending home sales extend decline in July

08/28/2013 | Bloomberg

Pending sales of existing homes in the U.S. fell 1.3% in July, extending a 0.4% drop in June in a sign that higher mortgage rates are damping the housing market that underpins much of the nation's consumer-driven economy. "The fact that the uptrend appears to have been curtailed by higher mortgage rates is somewhat of a concern," said Ryan Wang, an economist at HSBC Securities USA.

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