Pending sales of existing homes up 8.2%

April 5 -- More Americans unexpectedly signed contracts in February to buy previously owned homes, signaling government efforts to support the market will start to pay off. The index of purchase agreements, or pending home sales, rose 8.2 percent, the second-biggest gain on record and the largest since October 2001, after a revised 7.8 percent drop in January, the National Association of Realtors announced today in Washington. Buyers may be vying to take advantage of an Obama administration tax credit that requires a contract be signed by the end of April, indicating a rebound in sales will soon emerge. Sustained gains in employment would ensure sales continue to rise even after the government incentive expires, raising the odds the economic recovery is maintained.

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