US pending home sales trended higher before virus outbreak
AP Economics Writer | Hagadone News Network | UPDATED 5 years, 8 months AGO
BALTIMORE (AP) — Americans signed more contracts in February to buy homes, but the gains are likely relics of a moment before the coronavirus outbreak sent the U.S. economy spiraling into a likely recession.
The National Association of Realtors said Monday that its pending home sales index, which measures the numbers of purchase contracts signed, rose 2.4% in February from the prior month to 111.5. Lower mortgage rates were enticing more people to buy homes, such that pending sales had climbed 9.4% over the past 12 months.
But the outlook has deteriorated rapidly over the past month, as millions of Americans are losing their jobs and monthly rental and mortgage payments are becoming difficult to manage.
The Mortgage Bankers Association said that applications last week for home purchase loans had fallen 11% from a year ago.
ARTICLES BY AP ECONOMICS WRITER
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US layoffs still high, but so is skepticism on jobless data
WASHINGTON (AP) — The number of Americans seeking unemployment benefits dipped last week to a still-high 840,000, evidence that layoffs remain elevated seven months into the pandemic recession.
US layoffs still high, but so is skepticism on jobless data
WASHINGTON (AP) — The number of Americans seeking unemployment benefits dipped last week to a still-high 840,000, evidence that layoffs remain elevated seven months into the pandemic recession.