Home sales drop as inflation concentrates in housing ...Middle East

Home sales are down, mortgage rates are up, and the dregs of inflation are collecting disproportionately in the housing market. Sales of already-built homes fell 2.2 percent in July, dropping 16.6 percent from where they were a year ago, the National Association of Realtors reported Tuesday. The total for July clocked in at a seasonally adjusted 4.07 million existing homes. Home sales have been falling roughly since they bounced back in the autumn of 2020 when the recovery from pandemic shutdowns took off. The housing market is caught between a rock and a hard place, with a physical shortage of units dogging renters and first-time home buyers while the Federal Reserve has been cr

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