Decreasing home sales hit markets hard


The S&P 500 is off by more than 1% following news that house sales fell by 6.4%, which was worse than expected. The 4.99 million in sales is the lowest total in more than three years. Bloomberg believes the period between getting a mortgage and securing a house might be causing mortgage rates to increase in the autumn. Either way, it has had an effect on the markets with bond yields and the Bloomberg Dollar Spot Index also dipping.