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The MReport Webcast: Monday 2/2/2015

The National Association of Realtors said Thursday that its Pending Home Sales Index declined 3.7 percent last month to a reading of 100.7. Economists expected a 0.9 percent gain. Lawrence Yun, chief economist for NAR, blamed the monthly downswing on a drop in for-sale homes and an acceleration in price growth.

Pending sales were down month-over-month in all major regions, with the Northeast posting the biggest decline at 7.5 percent. Contract signings were up in all regions compared to the same month in 2013, giving the national index a year-over-year boost of 6.1 percent.

The number of Americans who own their home dropped to a new 20-year low last quarter as more households turned to renting. According to figures released Thursday by the Census Bureau, the share of American homeowners hit 64 percent in Q4 2014, down from 64.4 percent in the previous quarter. The rental vacancy rate, meanwhile, fell 0.4 percentage points to 7.0 percent on a combination of tighter supply conditions and a rise in demand as homeownership looks like a distant dream for some Americans.

About Author: Jordan Funderburk

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