US Pending Home Sales Index falls in January

| February 28, 2011 | 0 Comments
US Pending Home Sales Index falls in January

The National Association of Realtors (NAR) today said its Pending Home Sales Index fell in January.

On a monthly basis, the index fell to 88.9, from a downwardly revised 91.5 in the previous month and was lower than the reading of 89.5 expected by economists.

The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

The latest reading suggests that completed sales may slow in February and March.

Lawrence Yun, NAR chief economist, comments: “”We should not expect the recovery to be in a straight upward path - it will zig-zag at times.

“While home buyers over the past two years have been exceptionally successful with historically low default rates, there is still an elevated level of shadow inventory of distressed homes from past lending mistakes that need to go through the system,” added Mr Yun.

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