Pending home sales drop to a record low, even worse than during the financial crisis
Mortgage rates in October rose sharply, with the average on the 30-year fixed loan briefly eclipsing 8%.
www.cnbc.com
Comment: There's good news and bad news...
The good news is housing prices will likely drop.
The bad news...a glut of unsold homes will depress the new home building market which is yet another hit to an already soured economy.
Very bad for my industry...flatbed trucking.
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