HOUSING FIGURES STABILIZE.

Pending sales of previously owned homes edged up as expected in December, a survey showed on Tuesday: Will this help to calm fears of renewed weakness in the troubled housing sector? The National Association of Realtors’ index of pending home sales rose 1% in December after tumbling 16.4% in November. Economists had expected sales to be unchanged. The NAR’s index was 10.9% higher than in December 2008. We think these figures are only meaningful once they repeat themselves in a trend for at least 3-6 months. And these figures are really not a reflection of the luxury market….or are they? And why are these figures released a whole month after the fact?

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