Pending sales of existing U.S. homes rose modestly in October, bucking Wall Street forecasts, but the decline from a year ago was the third largest on record, a reminder of how far housing has fallen.
The National Association of Realtors said Monday its Pending Home Sales Index, based on contracts signed in October, was up 0.6 percent to 87.2 from an upwardly revised index of
86.7 in September.
The forward-looking indicator of home sales was more upbeat than expected by Economists, who had forecast a decline of 1 percent. The stronger-than-expected data, which measures contracts signed on sales that have yet to close, helped lift U.S. stock prices and weighed on prices for government bonds.
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