Existing home sale contracts dropped considerably, falling to the lowest level seen in over three years. Mortgage rates have also continued to increase over the past months, though rates have recently leveled off. According to the National Association of Realtors’ Pending Home Sales Index, contracts dropped 5.6% last month, averaging 101.6. Although experts suggest the housing market may be in a temporary slump, it has shown considerable improvement since the recession of 2007-2009. More here