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Pending Home Sales Show Effects of Weather, Possible Subprime Impact 

Apr 03, 2007By

A forward-looking index based on pending home sales indicates that bad weather, and possibly the loss of some subprime lending, will dampen sales closed in March and April, according to the National Association of Realtors. The Pending Home Sales Index, based on contracts signed in February, stood at 109.3 — down 8.5 percent from February 2006 when it reached 119.4, but is 0.7 percent higher than a downwardly revised reading of 108.5 in January. Earlier, mild weather caused the index to spike at 113.3 in December.

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