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Pending Home Sales Drop in May
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Pending home sales fell in May as the U.S. real estate market continues its downward spiral.
The latest reading from the National Association of Realtors, released Tuesday, fell within the range of economists' expectations. The pending home sales index, which tracks new contracts on existing homes, fell 4.6% in the month to a reading of 84.7, compared with the upwardly revised rate of 88.9 in April.
The index was down 14% from a year earlier. ...
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