Pending Home Sales were expected to advance for the fifth straight month in June, but the gain was supposed to be meager. Instead, sales jumped 3.6% in the month, “trashing expectations of a 0.6% gain,” as one analyst put it.
The index hasn’t seen five months of consecutive increases since 2003, providing further confirmation that the real estate market is stabilizing, slashing excess overhang, and preparing for reco..[read more]
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