Pending U.S. home sales fell slightly in October, despite a spate of bad economic news and turmoil in the stock markets, the National Association of Realtors reported Tuesday.
The group’s seasonally adjusted index of pending sales for existing homes fell 0.7 percent from September to a reading of 88.9, beating economists’ average estimate of 86.5, according to a survey by Thomson Reuters. The index was 1 percent below October a year ago.
Home sales have rebounded in recent months in large part because deeply discounted foreclosures and distressed sales account for up to 40 percent of all transactions, according to the Realtors group.
Home sales are considered pending when the seller has accepted an offer, but the deal has not yet closed. Typically there is a one- to two-month lag before a sale is completed.
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