Housing Rebound Continues, Slightly

The Pending Home Sales Index rose by a slight margin again last month, up 0.1 percent. The index was up 6.7 percent compared with May 2008, the first four-month run in the pending sales measure since October 2004, according to the National Association of Realtors. Industry experts had not predicted a growth in the index for the month, and had actually expected it to settle back after jumping up in April. But the rise in sales contracts may not yield a like increase in completed sales, according to Lawrence Yun, chief economists for NAR. To continue reading about this housing rebound, click here.