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According to a recent report from NAR, pending home sales rose in February, potentially signaling a second surge of home sales in response to the home buyer tax credit.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.
Learn more now - check out this interview with Lawrence Yun, NAR chief economist, who believes that, "The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring."
Source: www.realtor.org