Positive real estate news today in the form of a little .7% increase in the Pending Home Sales Index (PHSI) from January to February, a better than expected number, a surprise according to some. In fact, the news contributed to a move in the stock market. To get some perspective, think we need to look at these things over the longer term however. Comparing February 2007 vs. 2006, the index is down nationally 8.5% and down 9.7% in the Midwest, not good. On a more positive note over the longer term however, look how the Midwest chart has started to trend upward ever so slowly starting in August. For more information on the PHSI and the data behind the chart visit the NAR site. I have added the chart to the market stats page.
PHSI Moves the Market
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