Posted To: MND NewsWireThe number of signed contracts for the purchase of existing homes made another significant about face in October. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), a measure of those new contracts, increased 7.5 percent from September to a reading of 125.2. The index had recovered from three straights months of losses in August, rising 8.1 percent, only to slip back in September by 2.3 percent. The increase still left the PHSI behind the index level of a year earlier by 1.4 percent. Analysts had expected the index to rise, but by a much more modest amount. Those polled by Econoday had a consensus estimate of a 0.7 percent gain. Forecasts ranged from a 1.0 percent decline to growth of 2.9 percent. “Motivated by fast-rising rents and the anticipated increase…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.