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04-08-08
Pending home sales index off 1.9% in February: NAR
WASHINGTON (MarketWatch) — In a sign that the U.S. housing market may weaken further, an index of sales contracts on previously owned homes fell 1.9% in February from the prior month, the National Association of Realtors reported Tuesday.
The index, considered a leading indicator of existing home sales, was down 21.4% from the February 2007 level.
“The slip in pending home sales implies we’re not out of the woods yet, though an era of successive deep sales declines appears to be over,” said Lawrence Yun, NAR’s chief economist, in a statement.
January’s level was revised slightly higher.
See the full article here.
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