On the Watch: Pending home sales

By Associated Press
July 7, 2008
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Data to be released on Tuesday is expected to show a decline in pending home sales in May.

The National Association of Realtors' index of pending home sales is designed to predict completed transactions.

The index's April reading of 88.2 marked the highest reading since October, as the housing industry has faced a glut of unsold homes.

At that time, NAR analysts said it was possible bargain hunters were beginning to make purchases, but the median economist estimate calls for a decline in May.
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