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Market Impact: 0.35

US pending home sales slump in June amid affordability challenges

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US pending home sales slump in June amid affordability challenges

Contracts to purchase previously owned U.S. homes dropped by more than expected in June, pressured by higher mortgage rates and rising house prices that kept prospective buyers on the sidelines.

Analysis

Contracts to purchase previously owned U.S. homes dropped by more than expected in June, pressured by higher mortgage rates and rising house prices that kept prospective buyers on the sidelines.

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Market Sentiment

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mildly negative

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