Pending home sales rose again in November, according to the National Association of Realtors®,

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2011 prediction: Slow real estate recovery

WASHINGTON – Jan. 3, 2011 – Pending home sales rose again in November, according to the National Association of Realtors®, which says a gradual improvement has been the trend for past five months, indicating a gradual recovery into 2011.
The Pending Home Sales Index (PHSI), a forward-looking indicator, rose 3.5 percent to 92.2 based on contracts signed in November from a downwardly revised 89.1 in October. The index is 5.0 percent below a reading of 97.0 in November 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said historically high housing affordability is boosting sales activity. “In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market,” he said. “But further gains are needed to reach normal levels of sales activity.”
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