NAR Sees February Pending Sales Jump

The National Association of Realtors has seen a jump in homebuyer activity in February, which could be a sign the homebuyer tax credit is going to stimulate sales in March and April. NAR's index of pending home sales jumped 8.6% in February to 97.6 after falling 7.7% in January. The index is based on contract signings that are expected to close in one or two months. "Anecdotally, we're hearing about a rise of activity in recent weeks with ongoing reports of multiple offers in more markets," said NAR chief economist Lawrence Yun. So the March sales report could "demonstrate additional improvement from buyers responding to the tax credit," Yun said. The homebuyer tax credit expires April 30. But buyers have until June 30 to close and still qualify for the tax credit. The Realtors are forecasting that existing home sales will hit nearly 5.5 million this year, up 6.5% from 2009.