Contracts to purchase previously owned U.S. homes fell for the second straight month in July, a sign that rising mortgage rates are taking the steam out of America's housing market recovery.
The National Association of Realtors said on Wednesday its Pending Homes Sales Index, based on contracts signed last month, decreased 1.3 percent to 109.5.
That was a steeper decline than most analysts had expected, and could provoke added caution at the U.S. Federal Reserve over plans to reduce a bond-buying economic stimulus program.
The Reuters headline is a bit misleading suggesting that yet another O'BamaCare milestone is being delayed. However, my hunch is that the writer is suggesting that this short delay is just a prelude to a much longer delay.
Much of the O'BamaCare program has already been scuttled or delayed already. The cornerstone of what is left of O'BamaCare is/are the much-talked-about-but-seldom-seen internet health exchanges.
Today Reuters is announcing that the O'Bama Administration has officially delayed this laying of this cornerstone:
The Obama administration has delayed a step crucial to the launch of the new healthcare law, the signing of final agreements with insurance plans to be sold on federal health insurance exchanges starting October 1.
The U.S. Department of Health and Human Services (HHS) notified insurance companies on Tuesday that it would not sign final agreements with the plans between September 5 and 9, as originally anticipated, but would wait until mid-September instead, according to insurance industry sources.
Nevertheless, Joanne Peters, a spokeswoman for HHS, said the department remains "on track to open" the marketplaces on time on October 1.So, we'll see. I don't think it (the delay) really matters. It's gonna be a train wreck regardless.