Pending Sales of U.S. Existing Homes Rose in October

The number of contracts to buy U.S. previously owned homes unexpectedly rose in October as consumers rushed to take advantage of a tax credit that was due to expire.

The index of signed purchase agreements, or pending home sales, climbed 3.7 percent to 114.1 after increasing 6 percent in September, the National Association of Realtors said today in Washington. The ninth consecutive gain compares with the median forecast of a decline in a Bloomberg News survey of economists.

The administration’s incentive for first-time buyers, which last month was extended into next year and expanded to include current owners, will help housing emerge from its worst slump since the 1930s. A jobless rate at a 26-year high and mounting foreclosures represent challenges that the industry will find difficult to overcome.

Read Full Article from Bloomberg

- Posted: 2009-12-01 10:26:56

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