Pending Home Sales

NAR: Pending Home Sales Jump 

Pending home sales in December rose 6.3 percent the National Association of Realtors said Tuesday, with big gains in the South and Midwest offsetting modest declines in other regions. This jump in pending sales likely came on the heels of surging REO inventories, as more buyers took advantage of improved affordability conditions. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in December, reached 87.7 from 82.5 in November, sitting 2.1 percent higher than its December 2007 reading of 85.9.