Pending Home Sales Slide In April |

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The National Association of Realtors (NAR) recorded a 0.4 percent gain in its Pending Home Sales Index(PHSI) for April, bringing it up to 97.8. A measure of contract signings, the index serves as a forward-looking indicator for future sales activity.

Stocks Slide After Economic Reports.. Stocks eked out a gainon Tuesday following a sharp jump in pending-home sales.. according to Homebuilder stocks fell between 1 and 10 percent.

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Mortgage rates were lower for a second consecutive week following some tepid economic data. Disappointing releases on consumer confidence as well as new home sales and pending home sales brought bond yields and mortgage rates lower for the week. Mortgage rates are closely related to yields on long-term government bonds.

Pending-home sales unexpectedly slipped 1.5 percent in April compared to March, according to the National Association of Realtors’ Pending Home Sales Index. April’s contract signings to buy.