Pending U.S. home sales rise slightly

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WASHINGTON, March 28 (UPI) -- Pending U.S. home sales rose modestly in February after declining the previous two months, the National Association of Realtors said Monday.

Pending sales based on contracts signed -- contracts that will likely close by the end of April -- rose 2.1 percent, lifting the Pending Home Sales Index to 90.8, the trade group said.

"Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines. Contract activity is now 20 percent above the low point immediately following expiration of the home buyer tax credit," NAR Chief Economist Lawrence Yun said in a statement.

The trade group said the pending home sales index fell 10.9 percent to 65.5 in February in the Northeast and rose 4 percent to 81.1 in the Midwest. In the South, the index rose 2.7 percent to 100.3. In the West, the index rose 7 percent to 105.6.