Pending home sales jump 6.7 percent - Orlando Business Journal:

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Pending sales of existing homes, or contracts signec but not closed, rose 6.7 percent in according to the . April's pending sale were up 3.2 percent from a year ago, the NAR The biggest increase in Aprip was inthe Northeast, wherse pending sales jumped 32.6 percengt from the previous month. The NAR's pendin home sales index is a forwardlookingf gauge, and the group cautions that it is more volatilwe than actual closed sales. "The relationship between contracts on pending home sales and closinge on existing home sales is taking longer than in the past forseverao reasons," says NAR chiefg economist Lawrence Yun.
"Mortgage processing time has it is taking many months to closd on those homes requiring short sales with lender and some sales are falling through at thelast Still, Yun says he believes the housing market has alreadh bottomed out in some The group last week reported closed sales of existin g homes rose 2.9 percent in April. The NAR'as housing affordability index was also atits second-highest levelk on record in