Friday, September 29, 2006

Pending Home Sales Due Monday

[BOSTON (MarketWatch) -- Banc of America Securities said Friday it expects pending home sales to decline between 3% and 4% in August from the previous month after its monthly survey of real estate agents revealed disappointing traffic trends.

"Lower pending contracts in August should lead to weaker existing closings in September and October, as contracts precede closings by 30 to 60 days," wrote analyst Daniel Oppenheim in a research note.

"The continued decline in sales activity will result in an increase in the months supply of homes for sale and put further pressure on home prices," he predicted.]

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