Pending Home Sales Reach Highest Point Since April 2010 Tax Credit Deadline

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Posted To: MND NewsWire

Pending home sales in April rose a slight 0.3 percent to 106.0 on the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI). In March the index was at 105.7. The index is now 10.3 percent above the April 2012 level of 96.1 continuing a 24 month pattern of year-over-year increases. The April Index is the highest since April 2010, immediately before the deadline to qualify for home buyer tax credits. In that period the Index hit 110.9. NAR's PHSI reflects contract signings not home sales. It is a forward looking index that general portends actual sales transactions 30 to 60 days later. Lawrence Yun, NAR chief economist, said a familiar pattern has developed. "The housing market continues to squeak out gains from already very positive conditions . Pending contracts so far...(read more)

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Source: http://www.mortgagenewsdaily.com/05302013_pending_home_sales.asp

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