Reuters: U.S.: Pending home sales rise, beating expectations

Reuters: U.S. Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Pending home sales rise, beating expectations Nov 29th 2012, 15:10 Tweet Share this Email Print Related News Inventories boost economic growth, but trend weak 9:16am EST New home sales stagnant, cast shadow on housing Wed, Nov 28 2012 Business spending plans improve despite fiscal cloud Tue, Nov 27 2012 Factories post rebound, consumer sentiment shaky Wed, Nov 21 2012 WRAPUP 4-U.S. housing starts hit four-year high in October Tue, Nov 20 2012 Analysis & Opinion Whose happiness drives the economy? Yes, I am thankful this Thanksgiving Related Topics Investing Simplified » U.S. » Money » Housing Market » A U.S. flag decorates a for-sale sign at a home in the Capitol Hill neighborhood of Washington, August 21, 2012. Credit: Reuters/Jonathan Ernst WASHINGTON | Thu Nov 29, 2012 10:10am EST WASHINGTON (Reuters) - Contracts to buy previously owned U.S. homes rose more than expected in October, a sign the housing market recovery advanced into the fourth quarter despite a mammoth storm and concerns over looming tax hikes. The National Association of Realtors said on Thursday its Pending Home Sales Index, based on contracts signed in October, gained 5.2 percent to 104.8. Economists polled by Reuters had expected signed contracts, which usually become sales after a month or two, to rise 0.8 percent last month. The housing market is steadily healing after collapsing in 2006, supported by modest job gains, increased job security and record low mortgage rates. The broader economy has been constrained by concerns the government's plans to slash the budget deficit next year could trigger a recession. This has hit business confidence, although consumer sentiment has nevertheless improved since the summer. "We've had very good housing affordability conditions for quite some time, but we're seeing more impact now from steady job creation," said NAR chief economist Lawrence Yun. Yun said the data showed some impact from superstorm Sandy, a deadly storm that slammed into the U.S. East Coast in late October. (Reporting by Jason Lange; Editing by Andrea Ricci) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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