Pending home sales leveled off in Nov.

December 31, 2013 at 12:00a.m.

WASHINGTON

The number of Americans who signed contracts to buy existing homes in November was essentially unchanged from October, suggesting sales are stabilizing after several months of declines.

The National Association of Realtors said Monday that its seasonally adjusted pending home-sales index ticked up to 101.7 from 101.5 in October. The October figure was revised lower from an initial reading of 102.1.

Higher mortgage rates and strong price gains over the past two years have slowed sales. The pending home-sales index had fallen for five-straight months before November. And completed sales of existing homes fell for three-straight months, the Realtors said earlier this month.

There is generally a one- to two-month lag between a signed contract and a completed sale.

The average interest rate on a 30-year mortgage edged higher to 4.48 percent last week, from 4.47 percent the previous week. Rates jumped about 1.25 percentage points from May through September, peaking at 4.6 percent.

Price of crude oil closes at $99.29

The price of oil retreated slightly in thin trading Monday to close below $100.

Benchmark U.S. crude for February delivery ended the day down $1.03, closing at $99.29 on the New York Mercantile Exchange.

On Friday, oil had closed above $100 for the first time since Oct. 18 on prospects of a U.S. economic recovery. The U.S. Energy Information Administration said Friday that U.S. crude stockpiles fell 4.7 million barrels the week ending Dec. 20. It was the fourth-straight week of draws in crude stocks.

Cracker Barrel won’t consider sale

LEBANON, Tenn.

Cracker Barrel says it won’t consider selling itself, rejecting a push from its biggest shareholder.

The company said Monday that it will continue pursuing its own business strategies.

Last week, shareholder Sardar Biglari said he was willing to make a bid for the company and urged it to consider selling itself.

Biglari, through his investment firm Biglari Holdings, owns nearly 20 percent of Cracker Barrel Old Country Store Inc.’s shares. He has tried and failed multiple times to win a seat on the board. Shareholders also recently rejected his proposal for a $20-per-share special dividend.

Blackstone invests $200M in Crocs

NIWOT, Colo.

The company that makes Crocs shoes is getting a $200 million bailout from a private-equity fund, and its CEO is retiring.

Crocs says it will use the money from Blackstone, plus cash on hand, for a $350 million share buyback.

The deal gives Crocs a cash infusion, gives Blackstone two seats on the board and preferred shares that pay a 6 percent dividend, and gives shareholders an additional return by way of the buyback.

Associated Press