Positive economic data failed to alter the market’s mood.
The National Association of Realtors said contracts to buy previously owned US homes rose last month to their highest level in two-and-a-half years, while a report from the Institute for Supply Management-Chicago showed business activity in the US Midwest expanded this month.
“Economic reports have been very favorable, and once Congress comes to a resolution, the market should resume an upward trend, based on the data,” Weiss said. “All else being equal, we see any further decline as a buying opportunity.”
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