By Patrick Rucker
WASHINGTON (Reuters) - Pending sales of previously owned U.S. homes shot up by 6.7 percent in April, the biggest monthly gain in 7-1/2 years, according to a report on Tuesday that buttressed views the U.S. recession was easing.
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Lower prices and attractive mortgage rates are breathing new life into housing, with one measure of sales posting its fourth increase in the last five months.
Pending sales of existing homes, or contracts signed but not closed, rose 6.7 percent in April, according to the National Association of Realtors. April’s pending sales were up 3.2 percent [...]