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Pending Home Sales Tumble in May
Topics:Mortgages | Housing | Real Estate
Sectors:Construction and Materials
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Economists polled ahead of the report had been expecting to see a 2.8 percent decrease in the National Association of Realtors index after a 7.1 percent surge in April, which previously had been reported as a 6.3 percent gain.
"The overall decline in contract signings suggests we are not out of the woods by any means," said Lawrence Yun, chief economist at the real estate trade group.
Compared to a year ago, pending sales, which are based on contracts signed in May and seen as a key barometer of future home sales activity, were down 14 percent.
Copyright 2008 Reuters. Click for restrictions.
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