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Morning Mortgage Meltdown: Pending Home Sales Hit Skids

The purchase rate for previously-owned homes bottomed to an all-time low in March, says the 'ole National Association of Realtors, falling 1 percentage point to 0.83, the lowest its been since the NAR started measuring this stuff back in 2001— and 20.1 percent lower than it was the year before. This rate is expected to tank once again in April, as home buyers wait for less restrictive lending policies. [Reuters]