The National Association of Realtors has reported that the latest reading of its pending home sales index provides "another indication that a stabilization is occurring in the housing sector."A leading indicator of home sales, the PHSI slipped 1.7% in October, from 109.1 in September to 107.2, but it has been "hovering in a narrow range," the NAR said. The index is down 13.2% since October 2005. "It's important to focus on where the housing market is now -- it appears to be stabilizing, and comparisons with an unsustainable boom mask the fact that home sales remain historically high," said NAR chief economist David Lereah. "They'll stay that way through 2007." The NAR can be found online at http://www.realtor.org.
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