Pending Home Sales drop in June

According to the National Association of Realtors report, pending home sales in the U.S. fell unexpectedly in June. The Index fell by 1.4 per cent in June, despite growing optimism about the U.S. property market recovery. Regionally, pending home sales in the Northeast declined by 7.6%, 0.4 per cent in the Midwest and 2.0 and 2.6 per cent drop in the South and in the West respectively.