by Calculated Risk on 8/07/2008 10:02:00 AM

From the NAR: Pending Home Sales Rise

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 5.3 percent to 89.0 from a downwardly revised reading of 84.5 in May, but remains 12.3 percent below June 2007 when it stood at 101.4.

The pending home sales index has been between 83 and 90 for almost a year. This shows the impact of foreclosure sales - according to the NAR, "short sales and foreclosures [account] for approximately one-third of transactions". This foreclosure activity will probably keep existing home sales (and the pending home sales index) elevated for some time.