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Freddie Mac

US pending home sales edge up in October

Slightly more Americans signed contracts to buy homes in October, a modest rebound after two prior monthly declines. The figures add to evidence that the housing market has lost some of its momentum after rapid sales growth earlier this year.

The National Association of Realtors said Monday that its seasonally adjusted pending home sales index rose 0.2 percent to 107.7 last month. The index has increased 3.9 percent over the past 12 months.

"The data suggest that growth in home sales has slowed significantly," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics.

O'Sullivan added, though, that because the reports are so volatile, it may be...