Perhaps more daunting than the existing home sales statistics are pending home sales.

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New home sales plunged a totally unexpected 11% in January, existing home sales were down an unexpected 7.2%, pending home sales fell 7.6%.

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Pending home sales represent pending sales of existing homes where a contract has been signed but the transaction has officially not been closed yet.

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Pending home sales, which represent sales of existing homes where contracts have been signed but the transaction has yet to be completed, are often viewed as a leading indicator of the housing sector.

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In September, existing home sales were up 11% year-over-year and pending sales up 14.5%, according to the National Association of Realtors.

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