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The National Association of Realtors Pending Home Sales Index, showed the number of Americans purchasing previously owned homes rose 2% to 93.7 in December. Economists had expected a 1% rise. November’s data was revised from 92.2 to 91.9. The index has increased in five of the last six months, but remains 4.2% lower than a year ago.
The increase can be attributed to buyers taking advantage of low financing rates and reduced housing prices but high unemployment and foreclosures continue to weigh on the U.S. housing market.
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