The Housing Chronicles Blog: Pending sales show surprise rise

Friday, October 10, 2008

Pending sales show surprise rise

Despite the tales of impossible-to-get mortgages (and perhaps due to more cash buyers chasing foreclosures?), the number of pending sales showed a surprising rise in August. From an AP via story:

The National Association of Realtors says pending home rose 7.4% from July to August, an unexpected piece of positive news for the battered U.S. housing market.

The group said Wednesday its seasonally adjusted index of pending sales for existing homes rose to 93.4 from an upwardly revised July reading of 87. The reading was the highest since June 2007.

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