Pending home sales, a key leading indicator for the resale sector, were up in June for the fifth consecutive month, according to the National Association of Realtors.

The last time there were five straight monthly gains was in July 2003. The index, a forward-looking indicator based on signed contracts that have not yet closed, rose to 94.6, up 3.6% from an upwardly revised reading in May and 6.7% above June 2007.

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