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PENDING HOME SALES SINK 2.6 PERCENT IN JUNE

By Reuters
Contracts for pending sales of previously owned U.S. homes fell to a record low in June as buyers sat on the sidelines, a survey from the National Association of Realtors showed on Tuesday.  The Realtors said its Pending Home Sales Index, based on contracts signed in June, fell to a record low 75.7 from a revised 77.7 in May. Economists polled by Reuters had expected a rise of 0.6 percent.

"We really need to see stronger job creation to have a meaningful recovery in the housing markets," said NAR chief economist Lawrence Yun, adding "there could be a couple of additional months of slow home-sales activity before picking up later in the year" if the job market improves.

The June decline followed a 30 percent drop in May after a popular tax credit expired at the end of April.

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