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NAR: Pending home sales rose in February

By Holden Lewis · Bankrate.com
Monday, April 5, 2010
Posted: 10 am ET

Pending home sales rose in February, which comes as a mild surprise.

The index rose 8.2 percent in February compared to January, according to the National Association of Realtors. The pending home sales index reflects contracts signed and not closings, which generally lag a month or two.

The rebound potentially signals "a second surge of home sales in response to the homebuyer tax credit," the NAR says in a news release. If that's the case, we'll probably see home sales fall off again after the homebuyer tax credits expire at the end of this month.

The pending home sales index doesn't include price information.

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