Pending home sales rise, mortgage applications dip

Pending home sales rise, mortgage applications dip from the USA TODAY, reports that pending sales of existing homes rose by 5% in June compared with the previous month, a surprisingly positive sign, while mortgage applications fell last week to their lowest level in more than 5 months. The National Association of Realtors (NAR) said June's pending home sales index was the largest monthly gain in more than 3 years and that the increases were reported across the country. However, Lawrence Yun, NAR's chief economist, wasn't overly optimistic, and the pending sales index remained 8.6% below year ago levels. "It's too early to say if home sales have already passed bottom," Yun said. Meanwhile, mortgage applications continued to slide as home loan demand eroded amid rising credit concerns. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications dipped 0.3% in the week ending July 27th, to 607.1-- a level just above the 606.6 reading from five months ago.

Housing Bubble and Real Estate Market Tracker from SA for 8/2