by Adam Kress
New numbers from the National Association of Realtors indicate the U.S. housing market may be reaching bottom.The NAR index, which tracks signed contracts to purchase existing homes, rebounded from November to December, and also showed a year-over-year increase.
The seasonally adjusted index of pending sales for existing homes rose 6.3 percent in December to 87.7 from an upwardly revised November reading of 82.5, the lowest month on record. The reading was up 2.1 percent from December 2007.Normally there is a one- to two-month lag between the signing of a contract and a closed deal. Home sales pending in December are likely to be completed in February.The number of pending home sales increased about 13 percent in the South and Midwest, but fell nearly 4 percent in the West and about 2 percent in the Northeast.
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