Posted To: MND NewsWire
The prospects for home sales weakened further in August, and the National Association of Realtors® (NAR) has downgraded its sales forecast for the remainder of 2017. In what must be the gloomiest report in some time, NAR announced its Pending Home Sales Index (PHSI) slipped on a monthly basis for the fifth time in six months; the last increase was 1.5 percent in June. NAR expects the two Hurricanes that hit Texas, Florida, and Georgia to result in slower activity going forward, pulling existing sales below 2016 levels . The PHSI is a forward-looking indicator based on signed contracts to purchase existing homes. NAR said the measure retreated to 106.3, down 2.6 percent from both the July reading and that of August 2016. It was also the fourth month out of the last five that the index has...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2fzfXPN
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