Over 10 million iftar meals served at Two Holy Mosques during first half of Ramadan    421,144 worshipers use electric golf carts at Grand Mosque during Ramadan    Yemeni man and woman arrested for misusing children for begging in Makkah    NCM forecast: Thunderstorms to hit most Saudi regions until Sunday    Princess Reema bint Bandar greets Saudi Special Olympics team in Jeddah    stc group is the third-strongest telecom brand worldwide    King Salman Royal Reserve records birth of Nubian ibex    British tourist missing after Thailand boat fire    Taiwan revokes visa of pro-Beijing Chinese influencer    AFC Champions League Elite Finals draw sets stage for Jeddah showdown    Cannes award-winning actress Dequenne dies at 43    Saudi Arabia grants Tier 1 cybersecurity licenses to six MSOC providers    Saudi Arabia's inflation rate keeps steady at 2% in February    Newcastle United ends 70-year wait for domestic glory with Carabao Cup triumph    Peace deal must bar Ukraine from Nato, Russian official says    Saudi Arabia launches loan guarantees for SMEs to stimulate investment in environmental projects    Antenna: Saudi artist Ahmed Mater opens first solo exhibition in China    Al Nassr climbs to third with dominant win over Al Khaleej, Al Qadsiah slips after loss to Damac    Grand Mufti rules against posting prayers and preaching in mosques on social media    Man lives for 100 days with titanium heart in successful new trial    Singer Wheesung who wooed Korea with his ballads, found dead at 43    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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US pending home sales at new high
Published in The Saudi Gazette on 29 - 12 - 2012

WASHINGTON – Contracts for US home resales hit a 2-1/2 year high in November and factory activity in the Midwest expanded this month, suggesting some strength in the economy despite the threat of tighter fiscal policy.
The National Association of Realtors said Friday that its seasonally adjusted pending home sales index rose 1.7 percent in November from October to 106.4. That's the highest since April 2010, when a homebuyer tax credit caused a spike in sales. And after excluding those months when the tax credit was available, it's the best reading since February 2007.
The increase followed a 5 percent gain in October and suggests higher sales of previously occupied homes in the coming months. There's generally a one- to two-month lag between a signed contract and a completed sale.
In November, signed contracts to buy homes rose in the Northeast and West, and ticked up slightly in the Midwest. They were unchanged in the South.
Home sales are on track to rise 10 percent this year to their highest level in five years, buoyed by ultra-low mortgage rates and steady job gains.
The Realtors' group forecast that sales may rise in 2013 to about 5.1 million. That's still below the more than 5.5 million that is considered consistent with a healthy market.
The housing recovery that began earlier this year is looking sustainable for a number of reasons. The supply of previously occupied homes for sale has finally thinned out and is at an 11-year low. At the same time, more people are looking to buy or rent a home after living with relatives or friends during and in the aftermath of the Great Recession.
The combination of stronger demand and limited supply is pushing up home prices.
That could encourage more sellers to put their homes on the market because they can expect a better price.
Builders are also more optimistic that the recovery will endure and are stepping up construction. — AP


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