The third consecutive decline in signed contracts to purchase previously owned U.S. homes indicates progress in the housing market is stalling on the heels of lean inventory and rising prices, according to data released Wednesday from the National Association of Realtors in Washington.
Pending home sales index dropped 0.8% m/m (est. 1% gain) after revised 1.7% slump.
Since 2012, inventory of housing for sales has slumped and median price of existing home sales have shot through the roof.
While mortgage purchase applications have increased since 2015, mortgage originations have flatlined.
Then again, Guild Mortgage is offering a 99% LTV, 50% DTI mortgage.
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