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NAR: April pending home sales ‘disappointing’

Index shows homes under contract down 26.5% from year ago

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Pending home sales fell 11.6 percent from March to April and were down 26.5 percent from a year ago, when homebuyers were rushing to beat the expiration of federal homebuyer tax credits, according to the National Association of Realtors' Pending Home Sales Index.The index, which tracks homes under contract, is a leading indicator, and the latest data suggest home sales will drop off in May and June.NAR chief economist Lawrence Yun said the trend in pending home sales is "disappointing," implying a slower-than-expected market recovery in coming months.Yun said rising oil prices slowed the economy in April -- a view shared by other analysts -- and he also blamed bad weather.The magnitude of the fall in pending home sales "is larger than can be implied by broad economic factors, so we need to see if it's just a one-month aberration," Yun said in a statement.The index showed pending home sales in the Northeast were up 1.7 percent from March to April, but down 33.4 perce...