Chicago, IL-(Effingham Radio)- There’s an unexpected surge in pending home sales.
The National Association of Realtors says sales were up seven-and-a-half percent in October compared to the previous month. The association’s chief economist says consumers in good financial shape are now signing contracts to get ahead of fast-rising rents and the upward trend in mortgage rates.
Overall contract activity rose, with the Northeast and West reporting drops even as the Midwest and South posted gains.
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