WASHINGTON | Wed Jun 29, 2011 2:45pm EDT
WASHINGTON (Reuters) - Pending sales of existing homes rebounded from a seven-month low in May but demand for mortgages sank last week and the market is still struggling under the weight of a glut of unsold properties.
The National Association of Realtors said on Wednesday its Pending Home Sales Index increased 8.2 percent to 88.8. Pending homes sales lead actual sales of homes by a month or two.
The rise in contracts was merely a correction after an 11.3 percent fall in April and the market will continue to bounce along the bottom, economists said.
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