Pending home sales index rises 7.4% in August: NAR

WASHINGTON (MarketWatch) -- Despite the credit crunch gripping the U.S. economy, the National Association of Realtors reported Wednesday that an index of sales contracts on previously owned homes rose 7.4% in August from the prior month.

NAR says pending home-sales activity rose because of buyers taking advantage of low prices and affordable interest rates. August's results show an "unleashing of pent-up demand" before the credit crisis worsened in September, Yun said.