US JULY PENDING HOME SALES INDEX FALLS 12.2 PCT TO LOWEST IN SIX YEARS

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US JULY PENDING HOME SALES INDEX FALLS 12.2 PCT TO LOWEST IN SIX YEARS.

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Pending Home Sales Fell in July to Lowest Level Since September 2001

Pending sales of existing homes fell in July to the lowest level in nearly six years as the mortgage market's troubles made it tough for many borrowers to finalize home purchases.

The National Association of Realtors said its index of pending home sales for July fell 16.1 percent
from a year ago and 12.2 percent from the prior month.

July's reading of 89.9 was the second lowest ever for the index and its lowest since September
2001, when the economy was jolted by the terrorist attacks. A reading of 100 is equal to the
average level of pending sales activity in 2001, when the index began.

Lawrence Yun, the trade group's chief economist, said in a statement that some home purchases
aren't closing because mortgages "have been falling through at the last moment."

Yun called the problem temporary, and related to jumbo home loans above $417,000 that can't be packaged into securities sold to investors by government-sponsored mortgage giants Fannie Mae and Freddie Mac.

With defaults rising among borrowers with weak credit, lenders have backed off from all but the
safest mortgages.

JKL

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