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BOTTOM LINE: Pending Home Sales jumped +5.3% in June versus estimates of a -1.0% decline. The 3-month average of Pending Home Sales is currently +2.5%, which is the best level since March 2004 when home sales were booming. Pending Home Sales have been improving since July of last year. Any meaningful bounce in actual home sales from current levels will greatly reduce inventories, which will help stabilize pricing.
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