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Pending Sales of U.S. Existing Homes Increase More Than Forecast

Contracts to purchase previously owned homes rose more than forecast in July, a sign of renewed momentum in residential real estate.

The pending home sales index gained 3.3 percent after a 1.3 percent decrease in June that was larger than initially reported, the National Association of Realtors said today in Washington. The median projection in a Bloomberg survey of economists called for the index to advance 0.5 percent.