A FLASH FLOOD WATCH is in effect for Austin, Brazos, Burleson, Grimes, Houston, Lee, Madision, Montgomery, San Jacinto, Trinity, Walker, Waller, & Washington Counties until 8am Saturday morning.
WASHINGTON The number of Americans who signed contracts to buy homes fell in October for the fifth straight month. Higher mortgage rates, price increases and the 16-day partial government shutdown held back sales.
The National Association of Realtors says its seasonally adjusted pending home sales index dipped 0.6 percent to 102.1. That's the lowest level since December. September's reading was revised slightly higher to 102.7.
There is generally a one- to two-month lag between a signed contract and a completed sale. The drop suggests final sales will remain weak in the coming months.
The Realtors group said the shutdown prevented the IRS from verifying incomes, a critical part of the mortgage-approval process. The group said that 17 percent of Realtors reported delays.
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to email@example.com. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.