Case-Shiller

Pending Sale Slip but Home Prices Tick Up 

Two latest reports on the housing markets show some signs of positive growth, but highlight continued struggles in finding stability and growth momentum in home prices and sales. The National Association of Realtors' (NAR) Pending Home Sales Index that focuses on contract signings (not closed sales) slipped in July by 1.3% to 89.7.  The level, however, is 14.4% above the 78.4 index posted in July 2010. NAR's Chief economist, Lawrence Yun noted that sales activity is underperforming and that tightened underwriting standards continue to weigh on healthy expansion.  Two other factors weighing on the market include appraisal valuations leading to canceled contracts and