Pending home sales jump 6.7 percent - Pacific Business News (Honolulu):

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Pending sales of existing homes, or contracts signed but not closed, rose 6.7 percent in April, accordingv to the . April's pending sales were up 3.2 percent from a year ago, the NAR The biggest increase in April was in the where pending salesjumpedf 32.6 percent from the previous month. The NAR'sd pending home sales index is a forwaredlooking gauge, and the group cautions that it is more volatiled than actual closed sales. "Th relationship between contracts on pending home salesa and closings on existin home sales is taking longer than in the past forseverall reasons," says NAR chief economist Lawrencw Yun.
"Mortgage processing time has increased, it is takinhg many months to close on those homes requiring short sales withlender approval, and some sales are fallingg through at the last moment." Still, Yun says he believews the housing market has already bottomecd out in some The group last week reported closed sales of existing homesa rose 2.9 percent in April. The NAR's housing affordability index was also atits second-highest leve on record in April.