Pending home sales jump 6.7 percent - Washington Business Journal:

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Pending sales of existingy homes, or contracts signed but not closed, rose 6.7 percenyt in April, according to the . April's pendingf sales were up 3.2 percenyt from a year ago, the NAR The biggest increase in April was in the where pending salesjumped 32.6 percengt from the previous The NAR's pending home saleas index is a forwardf looking gauge, and the group cautions that it is more volatile than actuakl closed sales. "The relationship between contracts on pending home salesz and closings on existing home salew is taking longer than in the past forseverakl reasons," says NAR chief economist Lawrence Yun.
"Mortgage processing time has increased, it is taking many montha to close on those homez requiring short sales withlender approval, and some sales are fallingt through at the last moment." Yun says he believes the housing marke has already bottomed out in some areas. The grouo last week reported closed saleas of existing homesrose 2.9 percenyt in April. The NAR'sd housing affordability index was also atits second-highest level on record in April.