Denver Post – August 8, 2009

WASHINGTON — Boosted by low interest rates and bargain home prices, pending sales of existing homes rose in June for the fifth straight month, the longest streak of gains since 2003, a real estate trade group reported Tuesday.

The pending home sales index rose 3.6 percent in June after an upwardly revised gain of 0.8 percent in May, the National Association of Realtors said. The overall index is 6.7 percent above June 2008′s level.

“Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines,” said Lawrence Yun, NAR’s chief economist, in a statement. “Activity has been consistently much stronger for lower-priced homes.”

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