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Pending Sales of Existing U.S. Homes Rose 5.2% in October

Americans signed more contracts in October to purchase previously owned homes, another sign the recovery in the housing market is being sustained.

The index of pending home resales climbed 5.2 percent, exceeding the highest estimate in a Bloomberg survey of economists, to 104.8 after a revised 0.4 percent gain in September, figures from the National Association of Realtors showed today in Washington. The median forecast in the Bloomberg survey called for a 1 percent gain.