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point rise in pending sales for previously ownexd homesin April. The ’ index for pendinvg sales (contracts signed but not closed) of previously ownexd homes increased for a thirdf month ina row, rising 6.7 percentage points in April to from 84.6 in March, the industry group reports today. Year-over-year, the index was 3.2 percentage pointzs above the levelof 87.5 in Apri l 2008. Analysts had projected a 0.5 point advance. The biggest increasre in April was inthe Northeast, where pendingy sales jumped 32.6 percentage points from the previous month.
The association's pending home sales indes is a forwardlookinbg gauge, and the group cautions that it is more volatilwe than actual closed sales. “The relationshiop between contracts on pending home salea and closings on existing home salezs is taking longer than in the past for several saysthe association's chiefd economist Lawrence Yun. “Mortgage processinfg time has increased. It is taking many months to close on thosre homes requiring short sales withlender approval, and some sale are falling through at the last Still, Yun says he believes the housintg market has already bottomes out in some areas. The group last week reported closee sales of existing homesrose 2.
9 percentagre points in April. The association's housing affordabilityh index also was atits second-highest level on record in
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