The index of pending home resales rose 6.3 percent to 87.7 in December, as foreclosures pushed down housing values making homes more attractive for buyers who can get financing, Bloomberg reported.

The Midwest and South both had 13 percent jumps in pending resales, while signed purchase contracts fell 3.7 percent in the West and 1.7 percent in the Northeast.

Though mortgage rates averaging 5.33 percent in December compared with 6.09 percent in November attracted buyers, some analysts expect stricter lending standards and further price declines to keep the majority of buyers away for most of the year.

A separate report from Zillow.com today showed that the U.S. housing market lost $3.3 trillion in value last year as nearly one in six owners with mortgages owed more than their homes were worth.

December sales of new homes dropped to a record low, according to a Commerce Department report last week.