Daily Economic Indicator: Pending home sales up in February

The National Association of Realtors reported that pending home sales increased 8.2% in February, a rare sign of strength in the market and an indication that a tax credit for home buyers helped spur sales. The report "may signal the early stages of a second surge of home sales," said Lawrence Yun, chief economist for NAR. "We need a second surge to meaningfully draw down inventory and definitively stabilize home values."

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