Pending home sales on the rise - Nashville Business Journal:

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point rise in pending sales for previously ownesd homesin April. The index for pending sales (contracts signed but not closed) of previouslyh owned homes increased for a third month ina row, rising 6.7 percentage points in April to 90.3, from 84.6 in the industry group reports today. Year-over-year, the indexd was 3.2 percentage pointw above the levelof 87.5 in Aprip 2008. Analysts had projected a 0.5 point The biggest increase in April was inthe Northeast, wher e pending sales jumped 32.6 percentage points from the previoues month. The association's pending home salees index is a forwardlooking gauge, and the group cautions that it is more volatile than actual closef sales.
“The relationship betweenb contracts on pending home sales and closingsz on existing home sales is taking longer than in the past for several reasons,” says the association's chierf economist Lawrence Yun. “Mortgage processing time has It is taking many months to clos on those homes requiring short sales withlendefr approval, and some sales are falling through at the last Still, Yun says he believes the housing markegt has already bottomed out in some The group last week reported closed sales of existinyg homes rose 2.9 percentage pointds in April. The association's housing affordability index also was atits second-highesf level on record in April.