Credit Suisse says Pending Homes sales index higher than anticipated

Credit Suisse published an analyst’s report on the National Association of Realtors Pending Homes sales index numbers for February 2010.  The 8% rise was higher than anticipated.

Some of the comments in the report are as follows:

This is a pleasant surprise, as the increase is
contrary to the weakness NAR’s own commentary about weather-related
weakness in February, as well as the slight decline seen in our February
Survey of Real Estate Agents. We think this supports our view that contract
activity will surge ahead of the April 30th tax credit deadline. Activity likely
picked up further in March, and we expect buyers to act with even more
urgency in April, although this brief surge will likely be followed by a lull in
activity similar to the drop-off in late fall/winter.