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Good News: Pending Homes Sales Up Again

Stock quotes in this article: PHM , CTX , TOL  

Pending home sales rose for the fourth straight month in May, and investors are taking this as another sign that the housing sector is recovering.

The National Association of Realtors reported that its seasonally adjusted index of pending sales increased by .1% percent to 90.7. Analysts expected no change.

Shares of home builders remained steady during morning trading. Toll Brothers (TOL Quote) rose 1.5% to $17.23, Pulte Homes(PHM Quote) climbed 2% to $9.03 and Centex(CTX Quote) rose 3% to $8.68. ...

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