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Lawrence Yun

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NAR Calls Bottom for Existing Home Sales; Pending Sales Increase 

Dec 10, 2007By

The National Association of Realtors said today that it is expecting existing-home sales to trend upward in 2008. The trade organization’s Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 0.6 percent to an index of 87.2 from an upwardly revised reading of 86.7 in September. It was the second consecutive monthly gain registered by the index, but remained 18.4 percent below the October 2006 index of 106.8.