Pending Home Sales continue upward
A little bit of good news from NAR for a Tuesday.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.
But read this with a grain of salt. The private credit system is still broken; home sales are dependent on government financing.