Pending Home Sales Decline in July

`` The turmoil over the federal debt ceiling debate and the drop in 401(k) balances (as stocks dropped) in July carried over to contract signings for existing home sales. Pending home sales declined 1.3 percent in July after a 2.4 percent jump the prior month. Signings are nonetheless above year-ago levels, up 14.4 percent in July. All regions show monthly declines except for the West, which continues to show the highest level of sales contract activity. Also, expectations for closings for existing home sales are likely to be down, given the fact that a shrinking share of signings has actually made it to closing due to tighter lending standards and other factors. ''