The National Association of Realtors developed the pending home sales index as a leading indicator of housing activity. As such, it is a leading indicator of existing home sales, not new home sales. A pending sale is one in which a contract was signed, but not yet closed. It usually takes four to six weeks to close a contracted sale. Why Investors Care
| Released on 4/3/07 For Feb 2007 | ||||||||
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Highlights
Pending home sales ticked higher in February to 109.3 vs. 108.5 in January, but the year-on-year rate continues to show the damage -- down 8.5 percent. The report said subprime problems will continue to dampen sales, though there's signs of underlying stabilization in the housing market. Treasuries slipped and the dollar firmed in reaction to the news.
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