The National Association of Realtors’ Pending Home Sales Index declined 2.8 percent in January based on contracts signed during the month. Still, the index remains 20.6 percent above its cyclical low last June and just 1.5 percent below January 2010 when the homebuyer tax credit was in place. Lawrence Yun, NAR’s chief economist, said the housing market is healing with sales fluctuating at times. He said the recovery shouldn’t be expected to take a straight upward path and believes it will zig-zag at times. More here and here.