US pending home sales rise modestly in September

Source: AP-EXCITE

By JOSH BOAK

WASHINGTON (AP) — The number of Americans signing contracts to buy homes ticked up only slightly in September, as it remained difficult to qualify for mortgage financing.

The National Association of Realtors said Monday that its seasonally adjusted pending home sales index rose 0.3 percent over the past month to 105. The index remains half a percentage point below its 2013 average, although 1 percent higher than a year ago.

Tight credit and price increases through the middle of 2013 have limited buying activity. About 15 percent of the real estate agents surveyed for the index said they couldn't close a deal because the buyer was unable to obtain a mortgage.

"We continue to see steady, albeit modest, improvement in this sector," said Jennifer Lee, senior economist at BMO Capital Markets.

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FILE - This Friday, March 21, 2014 file photo shows a home for sale in Cleveland Heights, Ohio. The National Association of Realtors releases pending home sales index for September 2014 on Monday, Oct. 27, 2014. (AP Photo/Tony Dejak, File)


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