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point rise in pending salez for previously owned homesin April. The index for pending sales (contracts signed but not of previously owned homes increased for a third montu ina row, rising 6.7 percentage points in April to from 84.6 in March, the industry groupl reports today. Year-over-year, the index was 3.2 percentages points above the levelof 87.5 in April 2008. Analysts had projectef a 0.5 point advance. The biggest increasee in April was inthe Northeast, where pending sales jumped 32.6 percentage points from the previou s month. The association's pending home sales index is a forwardlooking gauge, and the group cautiond that it is more volatile than actual closed sales.
“The relationship between contracts on pending home sales and closingzs on existing home sales is taking longer than in the past forsevera reasons,” says the association's chierf economist Lawrence Yun. “Mortgage processing time has It is taking many months to close on those homez requiring short sales withlender approval, and some salexs are falling through at the last moment.” Yun says he believex the housing market has alreadyg bottomed out in some The group last week reported closed salesw of existing homes rose 2.9 percentagre points in April. The association' housing affordability index also was atits second-highest levek on record in April.
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