Second straight monthly gain in pending home sales -- up nearly 11 percent in the Northeast, 15 percent in the Midwest, and 4.4 percent in the Southern states. Only the Western region saw a decline at 13.5 percent.
The ability of consumers to buy a house, as measured by the National Association of Realtors' Affordability Index, hit a record new high last month thanks to declining home prices and record-low mortgage rates.
Mortgage rates continued to drop last week -- even from the record lows the week before, according to the Mortgage Bankers Association. Thirty year rates now average just 4.6 percent and 15-year fixed loans average 4.45 percent with about a point.
Consumer spending registered a small increase, up by seven tenths of a percent in the last month. Personal income was up slightly as well.
Both the major indexes that measure consumer confidence, which is a key driver of home buying, were up slightly in the last month. The University of Michigan's survey and the Conference Board's index both registered small gains.
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