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After seeing a modest three-month rise in activity, pending home sales cooled considerably in January to their lowest level in over three years.
REALTORS® are pleased with the IRS announcement clarifying and confirming that under the new tax law owners can continue to deduct the interest on a home equity loan, line of credit or second mortgage when the proceeds are used to substantially improve their residence.
Existing-home sales slumped for the second consecutive month in January and experienced their largest decline on an annual basis in over three years.
An uptick in existing-home sales in the final three months of 2017 pulled down housing inventory to an all-time low and kept home-price growth at its recent robust pace.
Despite weakening optimism from non-homeowners at the end of last year that now is a good time to buy, an overwhelming majority said they do want to own a home in the future and believe homeownership is part of their American Dream.