US pending home sales increase for third straight month
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Contracts to purchase previously owned U.S. homes rose 1.4% in April, marking the third consecutive month of increases, driven by a decline in mortgage rates. The pending home sales index reached 74.8, with notable gains in the Northeast and Midwest. Despite rising economic uncertainty and mortgage rates, buyers are showing cautious optimism. The housing market faces challenges from high borrowing costs and tight inventory, with residential investment contracting for five quarters.
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