National Tracts

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Pending Home Sales Rise 3.2% - Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the latest report by the National Association of Realtors. The affordability index was 166.7 in March, down from an upwardly revised record of 174.4 in February due to higher home prices in March. The index remains 30.8 percentage points higher than a year agoThe Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 3.2 percent to 84.6 from a level of 82 in February. It's 1.1 percent higher than March 2008 when it was 83.7. Here is a breakdown of pending home sales by region:* South; rose 8.5 percent* West; increased 3.9 percent* Northeast; fell 5.7 percent* Midwest; slipped 1 percentForecasters say recession nearing end - More than 90 percent of economists think the recession is nearing its end, but they don't expect the economy to soar anytime soon. Nearly 75 percent of economists, surveyed by the National Association for Business Economics, say that the recession will end in the third quarter. Another 19 percent think the turnaround will come in the fourth quarter. The rest are betting on the first quarter of 2010.Americans seem to believe that things are getting better too. The Conference Board's Consumer Confidence Index rose 14.1 points in May to 54.9, the second month in a row in which there has been an increase. Forecasters say that home sales ill bottom out in the second quarter, an important stabilizing factor.Source: The Associated Press, Jeannine Aversa (05/27/2009)This article was reprinted with permission by The Norton Agency- Market Watch 246