Even though contract signings declined in December it was the 20th straight month where pending home sales increased on an annual basis.  The National Association of Realtors® (NAR) said that its Pending Home Sales Index (PHSI) fell 4.34 percent in December to 101.7 from 106.3 in November.  It was however 6.9 percent higher than in December 2011 when it was 95.1. The Pending Home Sales Index is a forward looking indicator

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