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Monday, May 4, 2009

Pending Home Sales Up

Equity markets have spike with the news that pending home sales are up nationally year over year. As Bloomberg reports:

Pending resales are considered a leading indicator because they track contract signings. NAR’s existing-home sales report tallies closings, which typically occur a month or two later.

As we've seen before, the Northeast has been left out of the "housing rebound" (any rebound requiring homes going through foreclosure get the " ").