Pending home sales dip in July

Pending home sales dipped in July, falling 1.3% on the month. That was roughly in line with expectations. Regionally speaking, sales fell 0.8% in the Midwest, 2% in the Northeast, and 4.8% in the South. They rose 3.6% in the West.

The pending home sales figures fall into the same "lackluster" category as all the rest of the recent housing data. Low mortgage rates are simply not enough to overcome all the obstacles out there -- including elevated unemployment, slumping consumer confidence, and the fear of declining prices down the road. I continue to expect little net progress for housing in 2011, with demand remaining anemic and the excess supply of homes only gradually coming down.