The Pending Home Sales Index — a forward-looking indicator of housing market activity — and the Housing and Economic Forecast Report have been combined into one into one monthly release, instead of two separate ones. This week’s release and forecast shows existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise. NAR Chief Economist Lawrence Yun said the worst part of the credit crunch has already worked its way through the data. “The unusual mortgage disruptions that peaked in August were clearly seen in lower home sales that were finalized in September and October, so the market was underperforming,” he said. “Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels.”