According to the recent US pending homes sales report there was a drop in
pending home sales during July 2011, but was still above the rate in July 2010.
The US pending home sales index declined by 1.3% during July 2011 compared with
the June 2011 index. This index is a forward looking indicator and considers
only the contracts signed and not closing. This index might suggest a shift in
direction in the US real estate market as this decrease might indicate a
slowdown. This news of a slowdown in the real estate market coincides with the
recent news of the other housing indicators including the drop in existing home
sales and slight drop in US new home sales. Despite the recent news of a
slowdown in pending home sales, it didnt affect much oil prices as they have
further inclined yesterday. Currently crude oil prices are traded with slight
changes: Current Nymex crude oil price, short term futures (September 2011
delivery) is traded up by 0.13%, at $87.38 per barrel as of 07:09*. Current gold
price, short term futures (September 2011 delivery) is traded at $1,797.60 per t
oz. a $6 increase or 0.33%, as of 07:00*. Euros to
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