Home Sales Last Month Dropped to Recent Low
SALES of previously owned homes fell to the lowest level in 17 months in November, as rising mortgage rates pushed buyers out of the market. The Midwest posted the only advance in the nation.
The National Association of Realtors reported Dec. 27 that sales of existing single-family homes fell 2.6 percent to a seasonally adjusted annual rate of 3.81 million, down from 3.91 million in October.
Thirty-year, fixed-rate mortgages averaged 9.18 percent in November, up from 8.93 percent in October and 7.15 percent last February, according to surveys by the Federal Home Loan Mortgage Corporation.
Realtors estimate that sales for 1994 will reach 3.97 million, second-highest ever.
Taurus likely to repeat No. 1 title
AS the Ford Motor Company planned unveiling new Taurus and Mercury Sable models, the company also prepared to celebrate a third straight year of the Taurus's reign as best-selling car in the United States.
By the end of November, the Taurus seemed to have a good lead over the Honda Accord - in second place since 1992. Top-selling trucks through November were: Ford and Chevrolet full-size pickups.