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Here Comes Pending Home Sales...

Mamta BadkarAug 28, 2013, 19:08 IST

REUTERS/Richard ClementPending home sales for July are out at 10 a.m. ET.

Economists polled by Bloomberg are looking for pending home sales to stay flat on the month in July and rise 7.9% year-over-year.

This compares with a 0.4% month-over-month decline and a 9.1% YoY rise in June.

Economists will be watching for the impact of higher mortgage rates on pending home sales activity. The 30-year mortgage rate hit a new two-year high of 4.58%.

Investors watch this number because it is considered a leading indicator of the housing market. The PHSI looks at all homes where a contract has been signed but the sale is not complete.