Some Hope in Pending Home Sales Data?
US News and World Report -- After months and months of painful data, economists said there is a sliver of sunshine in a housing report released today.
The National Association of Realtors announced that June pending homes sales increased a stronger-than-expected 5.3% from the previous month, although sales remain more than 12% lower than year-ago levels (see chart above).
Economists had been expecting the report to show a 1% drop. "While this indicator is volatile and affected to an unknown degree by foreclosures, it does suggest that conditions in the resale market for real estate may be stabilizing," economists at Goldman Sachs said in a report.