The National Association of Realtors’ Pending Home Sales Index shows a 2.6 percent drop in contracts signed during the month of June. The decline follows a 30 percent drop in May and puts the index 18.6 percent below June 2009. Lawrence Yun, NAR’s chief economist, expects a couple more months of slow sales activity before it picks up later in the year. Yun said he believes interest rates will remain historically low for the rest of the year but, ultimately, the housing recovery is dependent on stronger job creation. More here, here, and here.