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Pending U.S. Existing Home Sales Unexpectedly Fall

BusinessWeek - Mar 4, 2010

The number of contracts to buy previously owned U.S. homes unexpectedly declined in January, showing the extension of a tax credit is sparking little interest.

The index of purchase agreements, or pending home sales, fell 7.6 percent after a revised 0.8 percent increase in December, the National Association of Realtors announced in Washington. In November, the measure slumped a record 13.7 percent. Snowstorms in February probably limited contract signings and sales that month as well, the group said.

The renewal of a government incentive to first-time buyers, originally due to expire at the end of November, and its expansion to include current owners has yet to lure buyers back into the market after helping boost sales last year. A lack of jobs and mounting foreclosures have depressed confidence, indicating housing will take time to rebound.

Read Full Article from BusinessWeek

- Posted: 2010-03-04 10:19:25


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