Pending-sales data signal sustained housing recovery

06/27/2013 | Bloomberg

Another indicator for the housing market surged in May, with pending sales of existing homes exceeding forecasts, increasing 6.7%. Data from the National Association of Realtors suggest that "even with limited choices ... some of the rise in contract signings could be from buyers wanting to take advantage of current affordability conditions before mortgage interest rates move higher," said Lawrence Yun, chief economist of the Realtors' group.

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