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Pending home sales increase for first time in 7 months in December

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The housing market is beginning to recover from a recent low as mortgage rates fall from a record high, evidenced by an increase in pending home sales.

Strategic Wealth Partners CEO Mark Tepper discusses the weak U.S. housing market and predicts a massive spike in unemployment by the end of 2023.

However, the housing market has yet to climb out of its deep hole: Sales were still down 33.8% in December when compared with the previous year."This recent low point in home sales activity is likely over," Lawrence Yun, the NAR's chief economist, said in a statement.

 

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