With economists expecting pending home sales to fall 2.0 percent the National Association of Realtors reported yesterday that pending home sales was up 2.4 percent to 90.9 from 88.8 in May, based on contracts signed in June. Furthermore, the index is up 19.8 percent from a year ago.
Lawrence Yun, N.A.R.'s senior economist, feels that the latest numbers illustrate that tight credit and economic uncertainties are still constricting the housing market by saying, "The best way to ensure a more solid recovery in housing is to simply return to normal, sound credit standards so more creditworthy home buyers can get a mortgage."