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Pending Home Sales Index Drops in November 2009
January 11, 2010 by heighlo · Leave a Comment
The NAR announced on 1.5.2010 that the pending home sales index fell in November 2009 from previous month but remains above last year’s numbers. In October 2009 the pending sales index (forward looking indicator based on contracts signed for the month) was 114.3%. November 2009 saw the number falling 16% to 96%. Nov 2009 - 96% is still higher than Nov 2008’s 83.1%.
The October 2009 surge benefited from the last push for the first time buyer tax credit. With the extension of the first time buyers tax credit and the addition of the buying tax credit for other qualifying buyers and the low interest rates - we will hopefully see a surge in 2010’s number.
