US DATA: Dec NAR Pending Home Sales Index -3.5% to 96.6 (Street had
looked for flat). NAR says the prior 2 mos were the highest in the past
four years outside of the homebuyer tax credit period, and index is
+5.6% YOY. Contract failures remain an issue. PHSI in the Northeast
declined 3.1 percent to 74.7 in December and is 0.8 percent below a year
ago. In the Midwest the index rose 4.0 percent to 95.3 and is 13.3
percent higher than December 2010. Pending home sales in the South
slipped 2.6 percent to an index of 101.1 in December but are 4.9 percent
above a year ago. In the West the index fell 11.0 percent in December
to 107.9 but is 3.7 percent higher than December 2010.