Pending Home Sales Dip in July

WASHINGTON -- The number of people who signed contracts to buy homes fell in July, further evidence that the depressed housing market remains a drag on the economy.

The National Association of Realtors said Monday that its index of sales agreements fell 1.3 percent in July to a reading of 89.7. A reading of 100 is considered healthy by economists. The last time the index reached that level was in April 2010, the final month that buyers could qualify for a federal tax credit.