This is for the month of December. The higher mortgage will affect January more than December. We should see a drop in January.
Pending home sales rose 2% in December from the prior month for the fifth gain in six months but remain below the year-ago period, according to the National Association of Realtors.
Despite the modest gains in sales, at least one research firm predicts the housing market has a long road to recovery that will take as long as six years.
Read it allNAR said its pending home sales index, which is based on contracts signed, increased to 93.7 last month up from a downwardly revised 91.9 for November and down from 97.8 for December 2009.