Pending Home Sales vs. Unemployment. NAR Wants "More Normal" UW Regs

The National Association of Realtors released the Pending Home Sales Index for October today. NAR's Pending Home Sales Index measures the number of home purchase contracts that were signed in the monthly reporting period. Once "pending" sales contracts are closed, they are considered an Existing Home Sale. Because the Pending Home Sales index tells us how many contracts were signed, it is considered a forward indicator of Existing Home Sales. A signed contract is not counted as an Existing Home Sale until the transaction actually closes. Excerpts from the Release.... Pending home sales jumped in October, showing a positive uptrend since bottoming in June, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator, rose 10.4 percent to 89...(read more)

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Source: http://www.mortgagenewsdaily.com/12022010_october_pending_home_sales.asp

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