Arrow-right Camera

The Spokesman-Review Newspaper The Spokesman-Review

Sunday, May 31, 2020  Spokane, Washington  Est. May 19, 1883
Cloudy 51° Cloudy
News >  Business

US pending home sales trended higher before virus outbreak

UPDATED: Mon., March 30, 2020

A “for sale” sign stands in front of a newly built home in Londonderry, N.H., on Feb. 20, 2020. (Charles Krupa / AP)
A “for sale” sign stands in front of a newly built home in Londonderry, N.H., on Feb. 20, 2020. (Charles Krupa / AP)
By Josh Boak Associated Press

BALTIMORE – 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 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.

Subscribe to the Coronavirus newsletter

Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.


Asking the right questions of your CBD company

Bluegrass Hemp Oil in Spokane Valley offers a variety of products that can be very effective for helping with some health conditions. (Courtesy BHO)
Sponsored

If you are like most CBD (cannabidiol) curious consumers, you’ve heard CBD can help with many ailments.