Pending home sales increased 5 percent in July from June but remain 19 percent lower than a year ago, the National Association of Realtors said Thursday.
Pending sales are written contracts that have yet to close.
Writes housing analyst Mike Larson: “Bottom line: The news isn’t terrible. But it’s not great either, especially when you consider that mortgage rates are the lowest in recorded history. We should be seeing more sales with financing so cheap. The fact we’re not speaks to the severity of the jobs crisis and the ongoing lack of confidence in the future direction of home prices.”
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