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US pending home sales fall to more than 2-year lows: NAR
Contracts to buy previously-owned US homes fell in February to the lowest level since October 2011, a sign the housing recovery continues to face strong headwinds. The pending home sales index declined 0.8 percent in February, following a 0.2 percent drop the prior month that was initially reported as a gain, the National Association of Realtors reported today. That was the lowest reading in more than two years. Economists forecast no change in contract activity last month. Compared to February 2013, pending home sales were down 10.5 percent. That was the biggest annual drop since April 2011. Pending home sales are a ... (full story)