by ForexNewsNow Team on October 4th, 2010

Indicator analysis: U.S. pending home sales beat forecasts

indicator analysis - U.S. pending home salesNEW YORK (Forex News Now) – Pending sales of previously owned home in the United States grew more than expected in August, a report showed on Monday in one of the day’s spotlight realtime forex news events.

The National Association of Realtors, a trade group, said pending U.S. home sales grew 4.3 percent during month, after downwardly revised growth of 4.3 percent in July.

Analysts had expected more modest growth of 2.8 percent in August, two major forex news outlets reported.

The group’s chief economist, Lawrence Yun, said the latest data are consistent with a gradual improvement in home sales in upcoming months.

“Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he said in a statement.

“However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.”

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