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Pending home sales remain stable Weichert Realtors The latest Pending Home Sales Index (PHSI), released by the National Association of Realtors (NAR) on Tuesday, indicates that pending home sales continue to be in the stable range. What's more, the PHSI, a forward-looking indicator based on contracts signed in October, rose 0.6 percent in the Northeast.
According to Lawrence Yun, NAR chief economist, "Despite the turmoil in the economy, the overall level of pending home sales has been remarkably stable over the past year ... There is a pent-up demand, and access to safe, affordable mortgages will bring more buyers into the market."
NAR President Charles McMillan adds that he is encouraged by several proposals being considered by the government to aid the housing industry. If these efforts are successful, the subsequent increase in sales should stabilize home prices and bring down inventory.
Posted: December 10, 2008
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