Pending Home Sales Index Rose 3.5% In November
(For November 2010)
Pending home sales index rose 3.5% In November vs. revised rise of 10.1% in October. On year level, the index is down 4.9%.
Generally rising pending home sales are positive for the economy, but currently and until excess unsold housing inventory is cleared rising pending home sales index mean more foreclosed homes are being sold at depressed prices which is a sign of additional pressure on home prices.
Chart 1. Pending Home Sales Index
