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WASHINGTON, April 1 (Reuters) - Pending sales of existing U.S. homes rose modestly in February but the market is still weak in the face of continued declines in home values and a recession, a realty trade group said on Wednesday.
The National Association of Realtors Pending Home Sales Index, based on contracts signed in February, was up 2.1 percent to 82.1 from 80.4 in January.
Economists polled by Reuters ahead of the report were expecting pending home sales to rise by 1.0 percent.
"Pending home sales have a way to go for there to be a meaningful increase," said NAR chief economist Lawrence Yun.
Home values in January fell 19 percent from their year-ago levels, according to the Standard & Poor's/Case-Shiller report on Tuesday.
Swollen home inventories and a wave of foreclosures continue to depress prices. However, the volume of sales is increasing in some markets, with homes becoming more affordable than they have been in years and mortgage rates at historic lows.
Yun said "it will take a few months" for affordability to work through the market and burn off excess housing stock.
(Reporting by Patrick Rucker; Editing by Chizu Nomiyama)