The National Association of Realtors’ Pending Home Sales Index jumped 10.4 percent in October, continuing an upward trend since bottoming in June. The index, based on signed contracts during the month, is 20.5 percent below last year’s level, which was elevated due to the homebuyer tax credit. Lawrence Yun, NAR’s chief economist, said it was encouraging to see double-digit gains and feels the market, though uneven at times, is clearly in a recovery phase. More here and here.
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James Harris 