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by CareyBot

The National Association of Realtors is anticipating a 4.8 percent jump in sales of previously owned homes this year -- which is higher than the 2 percent annual rise the group had forecast just a month ago and reverses a downward trend in the previous two years. Also, NAR reported today that its index gauging pending sales of resale homes gained for the ninth month in a row in October and recorded a 31.8 percent gain compared to the same month last year. The Pending Home Sales Index is based on signed contracts for home sales that have not yet closed, and is considered a leading indicator as sales are typically finalized within one or two months. A share of these pending sales, though, will not close for a variety of reasons. In its latest forecast, NAR projects 5.15 million...