By ISAIAS PACHECO
The home purchase settlement index decreased by two points in July, according to Fannie Mae.
This is the lowest level since 2011, and the HSPI has been declining steadily which is making consumers concerned. They are not buying or selling, experts say.
Doug Duncan, Senior Vice President and Chief Economist, said in a statement that unfavorable rates have been increasingly cited by consumers as the top reason behind the growing perception that it is a bad time to buy and sell.
It is expected that the market will cool and there will be moderate home sales over the coming year. Thousands of people in the industry may be let go as a result.
Email story ideas to Editor Kimberley Haas: [email protected]