Submitted by Mortgage News Desk on Jan 5 2012
Pending home sales continued to gain in November and reached the highest level in 19 months, according to the latest Pending Home Sales Index (PHSI) from the National Association of Realtors (NAR). The PHSI is a forward-looking indicator based on contract signings, and increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October and is 5.9 percent above November 2010 when it stood at 94.5. The October upward revision resulted in a 10.4 percent monthly gain.Click to continue