Hello neighbors,

According to recent numbers produced by the National Association of Realtors, the index of pending home sales showed a decline of 2.6% to 75.7 with contracts signed in June when compared to an upwardly revised level of 77.7 in May. When compared to last year's number, the current pending home sales index decreased by 18.6% from 93.0 in June 2009.

Some economist say the market expects lower home sales for the short term in addition to slow home sales activity before gaining momentum pending the job market of course.

As for a more in depth look regionally for the PHSI: the Northeast experienced a 12.2% drop to 58.8 in June which is 25.4% lower than June 2009, the Midwest index fell 9.5% to 64.1 and is 27.8% lower than last year, the South experienced a 3.7% increase to an index of 85.8, but are 13.3% below last year's index, and the West dropped to 0.2% to 85.1 but is 14.2% below last year's number.