The number of previously owned homes in the U.S. under contract for sale jumped 31.8% in October compared with the same month last year, the National Association of Realtors said. It marked the biggest year-on-year increase ever for the Pending Home Sales Index. "The tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future," said Lawrence Yun, the association's chief economist.

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