October 9, 2008

NEWS BRIEFS

Pending home sales rise

The National Association of Realtors said Wednesday that pending home sales rose 7.4 percent from July to August. This is the fourth increase so far this year.

Most economists did not expect the increase and had projected the index would fall 1.3 percent.

Home sales are considered pending when the seller has accepted an offer, but the deal has not yet closed. There is usually a one- to two-month lag before a sale is completed.

The seasonally adjusted index of pending sales for existing homes rose to 93.4 from an upwardly revised July reading of 87. The index was the highest since June 2007. Many economists projected the index would fall 1.3 percent. The report shows a momentum of people taking advantage of low home prices, with pending-home sales up in California, Nevada and Arizona.

Body found in creek

The partially clothed body of a woman in her 40s was found in Jeffrey Fontana Park between McAbee Road and Almaden Expressway in a creek bed on Monday, Oct. 6

Police were unable to identify the white female or to determine if her death was a homicide, suicide or an accident. At press time, the coroner had not released any information.

Police will investigate if her death is determined to be suspicious.

—By Carol Rosen