Pending home sales edged up in October

Pending home sales edged up in October

WASHINGTON

Slightly more Americans signed contracts to buy homes in October, a modest rebound after two prior monthly declines. The figures add to evidence that the housing market has lost some of its momentum after rapid sales growth earlier this year.

The National Association of Realtors said Monday that its seasonally adjusted pending home-sales index rose 0.2 percent to 107.7 last month. The index has increased 3.9 percent over the past 12 months.

“The data suggest that growth in home sales has slowed significantly,” said Jim O’Sullivan, chief U.S. economist at High Frequency Economics.

O’Sullivan added, though, that because the reports are so volatile, it may be early to jump to broader conclusions.

Healthy job gains and low mortgage rates boosted sales for much of the year. But rising home values and limited inventories have limited further growth in the closing months of 2015.

EPA boosts amount of ethanol in gasoline

WASHINGTON

The Obama administration is boosting the amount of corn-based ethanol and other renewable fuels in the U.S. gasoline supply despite sustained opposition by an unusual alliance of oil companies, environmentalists and some GOP presidential candidates.

The Environmental Protection Agency on Monday issued a final rule designed to increase production of ethanol to be blended with gasoline through 2016, a decision that could reverberate in Iowa’s crucial presidential caucuses.

The agency said it will require more than 18 billion gallons of renewable fuels, most of it ethanol, in 2016. The amount is less than was set in a 2007 renewable-fuels law, but more than was proposed by the EPA in May.

The decision doesn’t necessarily mean a higher percentage of ethanol in an individual driver’s tank, and it isn’t likely to have much effect on gas prices. But it does mean there will a higher supply of the homegrown fuel overall.

NYC salt-warning rule takes effect

NEW YORK

New York City begins a new era in nutritional warnings this week, when chain restaurants will have to start putting a special symbol on highly salty dishes.

The first-of-its-kind rule, which takes effect today, will require a salt-shaker emblem on some sandwiches, salads and other menu items that top the recommended daily limit of 2,300 milligrams – about a teaspoon – of sodium.

It’s the latest in a series of novel nutritional moves by the nation’s biggest city, and it comes as health advocates, federal regulators and some in the food industry are trying to get Americans to cut down on salt. Experts say most Americans consume too much salt, raising their risks of high blood pressure and heart problems. But the plan faces opposition and a potential court challenge from restaurant groups and salt producers, who say the city is going overboard.

Associated Press