Thursday, April 28, 2011

March Pending Home Sales Index Climb 5.1%

The National Association of Realtors' index of pending home sales climbed to 94.1 in March from a downwardly-revised 89.5 in February. Despite conflicting data, it suggests the housing market is getting a break right now. As for the index, 100 has been roughly calibrated to be mid-range healthy.
"Based on the current uptrend with very favorable affordability conditions, rising apartment rents and ongoing job creation, existing-home sales should rise around 5% to 10% this year with sales growth of lower priced homes likely to outperform high-end homes," said Lawrence Yun, NAR's chief economist.
Also reported was the 30-year fixed mortgage rate, which ticked down to 4.78% last week from 4.8%.

Gold had already risen to $1,536 before the news was released, and got stuck at the release time. Moving through the blockage, the metal managed to break above $1,536 at 11:15 and hoof up to a new record high of $1,539.50. It then slipped back to $1,535.

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