Pending Home Sales Increase

The National Association of Realtors reported that its seasonally adjusted index for existing home sales rose 5.2 percent in July vs. June.

But, don’t start to jump up & down yet, because the index was still down 19 percent from the same month last year. June’s reading was the lowest on records dating to 2001.

My long time readers know I don’t often agree with the  Realtors’ chief economist, Mr.  Lawrence Yun. Well, today is one of those rare occasions that I do agree with Mr. Yum. To be precise, I agree with the following statement made by Mr. Yum:  “The recovery looks to be a long process, ” For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.”

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