The National Association of Realtors today reported that its forward-looking indicator of existing-home sales fell in November, adding that the "exact timing and the strength of a home sales recovery is a bit uncertain." NAR's Pending Home Sales Index, based on sales contracts signed in November, dropped 2.6 percent from October's level and was down 19.2 percent from a year ago. Lawrence Yun, NAR's chief economist, said there is a pull and tug exerting itself on the market. "On the one hand, we have a pent-up demand from the 4 million jobs added to our economy over the past two years of sales decline," he said. "On the other, consumers continue to wait for additional signs of market stabilization. ... A meaningful recovery in existing-home sales could occur as early as this spring, or it ...
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