Federal Communications Commission Chairman Ajit Pai, a Republican, says he is leaving the telecommunications regulator on Inauguration Day.<\/b>
\nFederal Communications Commission Chairman Ajit Pai, a Republican, says he is leaving the telecommunications regulator on Inauguration Day. President-elect Joe Biden will choose a new Democratic head for the agency. A new administration typically picks a new chairman. Pai has presided over a contentious FCC over the last four years. He undid net neutrality rules that barred internet service providers like Comcast and AT&T from favoring some types of online traffic over others in 2017 and championed other deregulatory efforts. He has also worked to free up spectrum for cellphone companies so they can roll out 5G, the next-generation wireless standard that promises faster speeds, and cracked down on Chinese telecom companies as national security threats. The incoming FCC is likely to try to reinstate net neutrality rules and focus on closing the \u201cdigital divide,\u201d getting internet service to Americans who don\u2019t have it because it\u2019s not available or they can\u2019t afford it. Contracts to buy homes drop in October The number of Americans signing contracts to buy homes fell for the second consecutive month as a lack of available homes continues to stifle house hunters. The National Association of Realtors said Monday that its index of pending sales fell 1.1%, to 128.9 in October, down from a reading of 130.3 in September. An index of 100 represents the level of contract activity in 2001. Thanks to a red-hot summer, contract signings are still 20.2% ahead of where they were last year after lagging in spring due to the coronavirus pandemic. Contract signings are a barometer of finalized purchases over the next two months. Three out of four regions saw declines in contract signings, with only the South logging a small gain. Historically low interest rates are drawing prospective buyers into the market, but home prices have risen significantly the past year as supply remains near all-time lows. Mortgage finance giant Freddie Mac reported last week that the average rate on the 30-year fixed-rate home loan remained at a record low 2.72%.<\/p>\n