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Pending Home Sales Up in December

The National Association of Realtors reported that pending U.S. home sales rebounded in December, as buyers snagged properties at deep discounts, especially in the South and Midwest. The NAR said its seasonally adjusted index of pending sales for pre-owned homes grew 6.3% in December to 87.7 from an upwardly revised November reading of 82.5. The reading also was up 2.1% from December 2007. It was a positive sign for the troubled U.S. housing market, and may indicate that a bottom is near. Some analysts, however, caution that prices are likely to keep falling through 2009, and say the outlook for home sales is uncertain.

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Date Last Updated: 02/09/2009