By Ruth Mantell
WASHINGTON (MarketWatch) -- Boosted by low interest rates and prices, pending sales of existing homes rose in June for the fifth straight month, the longest streak of gains since 2003, a real estate trade group reported Tuesday. The pending home sales index rose 3.6% in June after an upwardly revised gain of 0.8% in May, the National Association of Realtors said. The index is 6.7% above June 2008. Pending homes sales in June rose in all regions: up 7.1% in the South, 2.9% in the West, 0.8% in the Midwest and 0.4% in the Northeast. The index is based on sales contracts on existing homes. The NAR reports on sales of existing homes once the sales closes, usually six to eight weeks later.
