Credit, Economy and Financial News from TruckingFactor.com

Pending Home Sales up as Low Prices Draw Buyers

The National Association of Realtors reported that pending U.S. home sales grew in March as buyers took advantage of deeply discounted prices and low interest rates. The NAR said its seasonally adjusted index of pending sales for previously occupied homes rose 3.2% to 84.6 in March. The index was 1.1% above last year's levels and has increased for two straight months after hitting a record low in January. The index, which started in 2001, tracks signed contracts to buy existing homes. Since there is typically a one- to two-month lag between a contract and a closed deal, the index serves as a barometer for future home sales.

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Date Last Updated: 05/07/2009