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CNN
By Anna Bohney
US pending home sales ticked up in July by 0.9%, rising for the second month in a row despite elevated prices and rising mortgage rates, according to a report released Wednesday by the National Association of Realtors.
The stronger-than-expected showing for pending home sales defied a market expectation that they would drop from June.
Rates are rising because the economy is doing well, and stubbornly low housing inventory is hampering sales nationwide.
