US Existing-Home Sales Decline as Rates Keep Buyers Sidelined
Sales of previously-owned homes in the US fell in March from a one-year high, underscoring the lingering impact of high mortgage rates and elevated prices.
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Sales of previously-owned homes in the US fell in March from a one-year high, underscoring the lingering impact of high mortgage rates and elevated prices.
Mortgage rates in the US climbed past 7% for the first time this year.
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Sep 22, 2021
Bloomberg News
,(Bloomberg) -- Fitch Ratings lowered China’s economic growth projections for 2021 and 2022 as a slowdown in the property market weighs on domestic demand.
Gross domestic product is forecast to expand 8.1% this year, down from a previous projection of 8.4%, while the forecast for 2022 was cut to 5.2% from 5.5%, the ratings company said in a statement Thursday, based on its global report released last week.
Read More: China Vows Better Policy Support to Economy as Headwinds Mount
The cooling in the property sector is the key driver behind the forecast downgrades, although pandemic-related restrictions imposed in July and August also weighed on China’s recovery, it said.
Other highlights from the statement:
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