by Calculated Risk on 7/08/2008 10:01:00 AM

From MarketWatch: Pending home sales index down 4.7% in May: NAR

From the NAR: Home Sales to Vary in Narrow Range, Then Rise in Second Half

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in May, fell 4.7 percent to 84.7 from an upwardly revised reading of 88.9 in April, and remains 14.0 percent below May 2007 when it stood at 98.5.