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US: Pending home sales are suffering: Market is still moving slowly

Posted on 29 November 2010

From Americasnewsonline.com: The housing market has been suffering from the uncertain economy, joblessness and the distorting effects of a home buyer tax credit that shifted sales to late 2009 and early 2010. Realtors say that temporary bank moratoriums on foreclosures also hampered some sales in October.
The index measures housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops. A signed contract is not counted as a sale until the transaction closes. Modeling for the PHSI looks at the monthly relationship between existing-home sale contracts and transaction closings over the last four years…………………………………….Full Article: Source


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