February pending-home sales index up 2.1% at 90.8 (by Jeffry Bartash)

WASHINGTON (MarketWatch) - Pending home sales rose in February in all parts of the U.S. except for the Northeast, a real estate trade group reported Monday. The National Association of Realtors said its index of pending home sales rose 2.1% to 90.8 in February, the first increase in three months. Yet the index still stands 8.2% below the year-ago level of 98.9, when a now-expired federal tax credit boosted sales. Pending sales fell 10.9% in the Northeast, which NAR said might be attributable to poor weather. Pending sales rose 2.7% in the South, 4.0% in the Midwest and 7.0% in the West. The index is based on sales contracts on existing homes. The NAR also reports on sales of existing homes once the sales close, usually six to eight weeks later.