US pending home sales fall to record low as mortgage rates surge
AI Summary
The US housing market is experiencing a significant downturn as pending home sales plummeted by 7.3% in September, marking a record low. This sharp decline is driven by surging mortgage rates, which have made borrowing more expensive and slowed the housing market. With potential homebuyers being priced out, this trend underscores the broader economic impact on the real estate sector and suggests a challenging period ahead for the housing market. For more details, check out the full report from Financial Times.
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