Pending home sales slump, factory orders up

The National Association of Realtors said on Tuesday its Pending Home Sales Index, based on contracts signed in November, dropped 16 percent from October to 96.0 after rising for nine straight months.

Analysts polled by Reuters forecast pending home sales, which lead existing home sales by one to two months, falling 2 percent in November. The realtors group blamed the drop on the end of a rush to beat the original expiration of a popular tax credit and expected sales to resume an upward trend.

A separate report from the U.S. Commerce Department showed new orders at U.S. factories rose 1.1 percent in November, notching their third straight increase and beating market expectations for a 0.5 percent gain.

Read Full Article from Reuters

- Posted: 2010-01-05 10:48:37

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