Darn Dwellings

May pending sales of existing houses declined 0.5%, are at a 4-month low, and have declined Y-o-Y for 5 straight months. Similarly, existing home sales in May declined slightly and through 5/18 are down 1.4% compared to January-May 2017. They are down Y-o-Y for three straight months. Lastly, first time mortgage applications for the week ending 6/29 are down 1% Y-o-Y. Is it rising rates, higher prices, or tax changes?

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