Pending Home Sales Rise in June

Washington, DC, July 28, 2011 -- Pending home sales rose for a second month in June, according to the National Association of Realtors.

NAR said its index of sales agreements for previously occupied homes rose 2.4 percent in June to a reading of 90.9. A reading of 100 is considered healthy by economists. The last time it was that high was in April 2010.

The report is usually a good indicator of where the housing market is headed. But NAR said that a growing number of contracts have been canceled ahead of closings because of low appraisals.