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Pending Sales of U.S. Existing Homes Decline 0.4%

Americans signed fewer contracts to buy previously owned homes in February, indicating a pause in momentum for an industry that is helping power the economy.

An index of pending home sales fell 0.4 percent to 104.8, the second-highest level since April 2010, after a revised 3.8 percent increase the prior month, the National Association of Realtors reported today in Washington. Contract signings, unadjusted for seasonal variations, increased 5 percent from February 2012.