While you were sleeping: US pending home sales drop

Mon, 28 Jul 2014

By Margreet Dietz July 29 (BusinessDesk) - Wall Street crawled higher after a disappointing report on housing underpinned concern about the industry’s struggle to recover a day before the US Federal Reserve is starting a two-day policy meeting. The index of pending homes sales unexpectedly dropped, sliding 1.1 percent in June, after climbing 6 percent in May, according to a National Association of Realtors report. “Activity is notably higher than earlier this year as prices have moderated and inventory levels have improved,” Lawrence Y...

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