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NAR Urges a Halt to Rate Hikes as Pending Home Sales Slide

The top economist for the National Association of Realtors has called for a halt to the Federal Reserve’s interest rate increases after contract signings on new homes tumbled in August. So reports Dow Jones.

National Association of RealtorsAugust pending home sales dropped 7.1% from the previous month, according to the NAR’s monthly index, compared with analyst predictions of a 1% decline.

“The Federal Reserve must consider the sharply decelerating rent growth in its consideration of future monetary policy. There is no need to raise interest rates," NAR’s chief economist, Lawrence Yun, said in a statement.

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