Pending Home Sales Plummet

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Completed sales of pre-existing homes fell 10.2% in September, according to The National Association of Realtors (NAR) Sales Index. This is the fourth straight month of decline, and an overall 31% drop over the past year.  The drop is directly related to the Federal Reserve’s aggressive interest rate hikes which are an attempt to control soaring inflation.  According to mortgage company Freddie Mac, the average interest rate for a 30-year mortgage is currently 7.08%, the first time it has been above 7% since April 2002.