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Pending home sales take unexpected dip in June

Credit availability, slow wage growth reasons for the drop

Published Mon, Jul 28, 2014 · 10:00 PM
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[WASHINGTON] Fewer Americans than forecast signed contracts to buy previously owned homes last month, a sign residential real estate is struggling to strengthen.

The index of pending home sales declined 1.1 per cent from the month before after rising 6 per cent in May, figures from the National Association of Realtors (NAR) showed yesterday in Washington.

Limited availability of credit and sluggish wage growth are making it harder for prospective buyers to take the plunge, threatening to throttle the pace of the housing recovery. Continued gains in employment and a bigger supply of available homes will be nee…

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