Pending Home Sales Unexpectedly Rise

- Pending Home Sales for February rose .7% versus estimates of a -.5% decline and a -4.2% fall in January.

BOTTOM LINE: More Americans signed contracts to buy previously owned homes in February, easing concern the real-estate market will worsen, Bloomberg said. Strong wage growth and lower prices are making homes more affordable. This index is considered a leading indicator because it tracks contract signings. Sales rose despite one of the coldest Februarys in US history. Sales rose 4.5% in the South and 2.9% in the Midwest. They fell 6% in the west and 1.3% in the Northeast. I continue to believe home sales are stabilizing at relatively high levels.