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Nation's pendings up 5 percent from year ago

Wednesday, February 01, 2012  
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The National Association of REALTORS'® Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 3.5 percent to 96.6 in December from 100.1 in November but is 5.6 percent above December 2010 when it was 91.5.

Lawrence Yun, NAR chief economist, says the trend line remains positive. "Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period,” he says. "Contract failures remain an issue, reported by one-third of REALTORS® over the past few months, but home buyers are not giving up.”

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