Harvey Realty, Inc.

PENDING HOME SALES INDEX INCREASES 5.3 PERCENT IN JUNE
The Pending Home Sales Index, based on contracts signed in June, increased 5.3 percent in June to 89.0 from 84.5 in May, according to the latest report from NAR (National Association of Realtors).

According to NAR, approximately 2.5 million first-time home buyers are expected to take advantage of the temporary tax credit, which economists predict will increase existing home sales by 7 percent to 5.51 million in 2009.

 "The rise in pending home sales was broad-based with all four regions showing gains," Lawrence Yun, NAR chief economist said.  "This is welcome news because a rise in contract activity is necessary for an overall housing recovery.  With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009."

HOME PRICES INCREASE 1.1 PERCENT IN JUNE
Nationwide, the median price of a single-family home increased 1.1 percent in June, but declined 11.5 percent over the year, according to the Integrated Asset Services' Housing Price Index, a provider of default management and residential collateral valuation services, which launched its first IAS360(tm) Housing Price Index in June.

"The IAS360 HPI is not a seasonally adjusted or smoothed index," David McCarthy, president and CEO of Integrated Asset Services said.  "Typically, small month-to-month appreciation is present in the summer due to increased seasonal housing demand. Therefore, strengthening of the market in the summer can occur even when the longer term market trend might be downward."