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October 10, 2008 3:46:24 PM CDT

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Pending Home Sales Rise Slightly

Posted Dec 10, 07 11:11 AM CST in Business 

(Newser) – US home sales jumped in October and will rise slightly overall next year, beating forecasts, the Wall Street Journal reports. The National Association of Realtors' index for pending sales of existing homes spiked 0.6% in October over September, which was up 1.4% over August—but those increases are still part of a recovery from a year-long plunge, the third-biggest on record, Reuters reports.

"It's possible that after a big hit, housing sales will stabilize, but the short answer is that it's too soon to say," said one economist. But the Realtors' index forecasts a rise of 0.3% next year and includes the worst credit crunch fallout in its report. Traders predicted the news would make a quarter point rate cut at tomorrow's Fed meeting more likely than a half-point.

Sources: Wall Street Journal, Reuters, Bloomberg

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A sign outside a new home advertises a sales promotion Thursday, Nov. 29, 2007, in St. Louis. (AP Photo/Jeff Roberson)   (Associated Press)
A home offered for sale at the Toll Brothers Country Club Estates luxury housing development in Moorpark, Calif. is seen in this Aug. 22, 2007 file photo. T(AP Photo/Reed Saxon, file)   (Associated Press)
Signs advertising homes for sale stand in a median across from a row of new townhouses for sale Thursday, Nov. 29, 2007, in St. Louis. (AP Photo/Jeff Roberson)   (Associated Press)
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credit crisis  • subprime mortgages  • housing market  • economist  • National Association of Realtors


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