US pending home sales trended higher before virus outbreak

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FILE - In this Feb. 20, 2020 file photo, a "For Sale" sign stands in front of a newly constructed home in Londonderry, N.H. U.S. home sales retreated 1.3% in January from the prior month, but low mortgage rates helped enable an increase in purchases from a year ago. Americans signed more contracts in February to buy homes, but the gains are likely relics of a moment before the coronavirus outbreak sent the U.S. economy spiraling into a likely recession. (AP Photo/Charles Krupa, File)

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BALTIMORE (AP) — Americans signed more contracts in February to buy homes, but the gains are likely relics of a moment before the coronavirus outbreak sent the U.S. economy spiraling into a likely recession. The National Association of Realtors said Monday that its pending home sales index, which measures the numbers of purchase contracts signed, rose 2.4% in February from the prior month to 111.5.  But the outlook has since deteriorated.