http://www.realtor.org/press_room/news_releases/2011/04/phs_march
The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 5.1% in March. The index is 11.4% below 106.2 in March 2010; however, activity was at elevated levels in March and April of 2010 to meet the contract deadline for the home buyer tax credit.
The PHSI in the West the index increased 3.1% to 103.7 but is 4.1% below a year ago.
“The good news is that recent home buyers are staying well within budget, leading to exceptionally low loan default rates among home buyers over the past two years,” Lawrence Yun, NAR chief economist said.
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