California pending home sales down on mortgage rates

Pending home sales in California fell 8.9 percent on an annual basis last month due to rising mortgage rates, but the Federal Reserve’s decision to delay its bond-buying “taper” should lead to lower interest rates, according to the California Association of Realtors.

Distressed home sales in the Golden State in August also declined, with REO (real estate owned) sales hitting their lowest share of overall home sales in six years: 4.7 percent.

Source: CAR