| Jul 20, 2011 3:21PM An increase in contract cancellations caused a decline in the sales of existing homes in June. Still, according to the National Association of Realtors® (NAR), there was a slight rise in home prices. Lawrence Yun, NAR chief economist, said that home sales had been trending up over the last few months but there were a lot of issues weighing down the market. The underlying reason for the elevated cancellations of pending sales contracts is unclear "but with problems including tight credit and low... Jul 20, 2011 1:24PM The Mortgage Bankers Association today reported a significant increase in the number of refinance applications taken last week, purchase demand on the other hand declined slightly. The Market Composite Index, which takes both purchases and refinances into account, rose by 15.5% to 556.0, it's fastest pace since the week of March 4th, 2011. The gain would have been less of an outlier had it not been for last week being the lowest index level since April. The current report draws all its strength from...
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