Headline Alert
Economic Update: Pending Home Sales
The National Association of Realtors reported that Pending Home Sales (sales contracts for previously owned homes) in October increased by +3.7%, which was well above the consensus for a drop of -1.0% and the highest level in 3.5 years. It was the 9th straight monthly increase in sales.
The September figure was revised to 6.0% from 6.1%.
The potential expiration of the homebuyer tax credit (at the time the tax credit had not been renewed) is likely responsible for the more robust numbers.
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