Decline in July pending home sales reflects affordability issues

July's Pending Home Sales Index (PHSI), a monthly forward-looking indicator measured by the National Association of Realtors (NAR), declined 0.8 percent to 109.1 in July from a downwardly revised 110 in June and declined 1.3 percent year-over-year -- the fourth year-over-year hit the PHSI has taken within the past five months ...