by Calculated Risk on 6/29/2011 10:00:00 AM

• From the NAR: Pending Home Sales Turn Around in May

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 8.2 percent to 88.8 in May from an upwardly revised 82.1 in April [from 81.9] and is 13.4 percent higher than the 78.3 reading in May 2010. The data reflects contracts but not closings, which normally occur with a lag time of one or two months.
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This is the first time since April 2010 that contract activity was above year-ago levels ...

This was very close to Tom Lawler's forecast.

• From the WSJ: Greece Secures Austerity Vote

Greece's Parliament has passed a ... five-year austerity plan ... additional €28.4 billion ($40.81 billion) in spending cuts and new taxes [that] was set as a condition for another international bailout to keep Greece from defaulting on its debt.
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Greece faces another critical test Thursday, when parliament is set to hold an article-by-article vote on the legislation implementing the austerity plan and a promised €50 billion privatization program.

Another vote tomorrow ...