Pending home sales surge in West

Sixth consecutive monthly gain for NAR index

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Pending home sales rose 3.2 percent from June to July, with a surge in sales in the Western U.S. outweighing declines in the Northeast and Midwest, the National Association of Realtors said today.

It was the sixth consecutive monthly increase in pending home sales, a trend that NAR Chief Economist Lawyrence Yun expects to continue before falling off in the first quarter of 2010 if a tax credit for first-time homebuyers is allowed to expire Nov. 30.