Summary Box: February pending home sales up 8.2 percent as gov’t incentives spur sales

Summary Box: Pending home sales rise

HOME SALES UP: The National Association of Realtors said Monday its index of pending home sales rose 8.2 percent from January to February.

POSITIVE SIGN: The report, which tracks agreements to purchase homes rather than completed sales, could signal that sales will rise this spring as buyers take advantage of a tax credit of up to $8,000 for first-time owners, and up to $6,500 for current homeowners.

FEARS LOOM: Buyers need to submit an offer by the end of April to qualify for the tax incentives. After they expire, analysts expect the housing market to retreat again.