Nov 26, 2014 10:00 AM
US pending home sales slip in October
The Associated Press
WASHINGTON (AP) The number of Americans signing contracts to buy homes fell slightly in October as tight credit and lagging wages remained financial hurdles for would-be homebuyers.
The National Association of Realtors says its seasonally adjusted pending home sales index fell 1.1 percent the past month to 104.1. The index remains below its 2013 average but is 2.2 percent higher than last October.
Pending sales are a barometer of future purchases. A one- to two-month lag usually exists between a contract and a completed sale.
Housing has struggled to fully rebound since the recession ended more than five years ago. Many potential buyers lack the savings and strong credit history needed to afford a home, causing them to rent or remain in their existing houses instead of upgrading.