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The ’ Pending Home Sales Index rose 3.2 percent in following a 2 percenyt increasein February. It was the firstf back-to-back increase in pendintg home sales in almost a The index measures signed purchase but not actual closings and is considered amore forward-looking gauge as a result “Thie increase could be the leading edge of first-timwe buyers responding to very favorable affordability conditions, and an $8,00 0 tax credit, which increases buying power even more in areasd where special programs allow buyers to use it as a said NAR’s chief economistf Lawrence Yun in a “We need several monthsw of sustained growth to demonstrate a recovert in housing,” he said.
The pending saled index rose 8.5 percen in the South region, which includes Maryland and Virginia, but stretchexs down the coast to Gains in the South region were followesd bya 5.7 percent increase in pendingf sales in the Northeast.
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