Homebuilder Stocks Stoked Over Data

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The builders were stoked Tuesday as conditions and incentives sent pending home sales much higher than expected. The National Association of Realtors expects even greater pending sales activity in the months to come, but economists caution that not all of the pending sales are closing.

The pending home sales index rose 6.7% to 90.3 in April from 84.6 in March, the largest increase in more than seven years and the third consecutive monthly increase, according to the NAR. It was far better than an expected 0.5% increase and 3.2% higher than a year prior. ...