Index of pending home sales was mixed in February

03/27/2012 | Wall Street Journal, The

The index that tracks contracts on home sales dropped 0.5% in February from the month before, according to a report by the National Association of Realtors. But the index posted a 9.2% increase over 12 months earlier, as investors acquire foreclosed houses. "We are seeing very strong activity out there," said CEO Ivy Zelman of research firm Zelman & Associates.

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