Contracts to buy U.S. previously owned homes have fallen for a fourth straight month, as the housing market buckles under the strain of higher mortgage rates.The National Association of Realtors (NAR) said on Friday its Pending Home Sales Index, based on signed contracts, dropped 10.2 percent last month from August, and 31 percent from a year ago. The index, in which 100 is equal to the level of contract activity in 2001, dipped to 79.5 in September, its lowest level since 2010.
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