Pending home sales jump 6.7 percent - Wichita Business Journal:

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Pending sales of existing homes, or contracts signecd but not closed, rose 6.7 percent in April, according to the . April'as pending sales were up 3.2 percent from a year ago, the NAR The biggest increase in April was inthe Northeast, wher e pending sales jumped 32.6 percent from the previouxs month. The NAR's pending home sales index is a forwarcdlooking gauge, and the group cautions that it is more volatilr than actual closed sales. "The relationship between contracts on pending home sales and closings on existin g home sales is takingv longer than in the past forseveral reasons," said NAR chiefr economist Lawrence Yun.
"Mortgage processingv time has increased, it is taking many months to close on those homes requiring short sales with lender and some sales are falling through at thelast Still, Yun believes the housing markett has already bottomed out in some The group last week reported closed salee of existing homes rose 2.9 percengt in April. The NAR's housing affordabilitu index was also atits second-highest level on recorfd in April.