Friday, December 28, 2012

Pending Home Sales Rise Again

Pending home sales increased in November for the third straight month and reached the highest level in two-and-a-half years, according to the National Association of Realtors®

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 1.7 percent to 106.4 in November from a downwardly revised 104.6 in October and is 9.8 percent above November 2011 when it was 96.9. The data reflect contracts but not closings.

The index is at the highest level since April 2010 when it hit 111.3 as buyers were rushing to beat the deadline for the home buyer tax credit. With the exception of several months affected by tax stimulus, the last time there was a higher reading was in February 2007 when the index reached 107.9.

Bottom line: More results of Ben Bernanke money printing. Next up, the price inflation ramifications.

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