Pending home sales drop to a record low, even worse than during the financial crisis

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The pending home sales index, released by the National Association of Realtors (NAR), dropped to 86.6 in May, which is the lowest reading since at least 2001. This reading is even lower than the 89 reading in 2009 when the housing market hit its bottom during the financial crisis. This data suggests that the home sales market continues to lag due to the pandemic and is likely to remain weak until the US economy can gain a firmer footing.

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