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July decline of 3.2%, reversing prior month gain, shows housing market remains in ‘malaise.’ Pending home sales fell 3.2% in July after gaining in June, according to a real estate group’s report released Tuesday, in the latest in a series of gloomy housing reports.

The Pending Home Sales Index fell to 86.5, after gaining 5.8% in June, according to the National Association of Realtors (NAR). It now stands 6.7% below July 2007’s reading of 92.8. Read the rest of this entry »