Pending US home sales rise 

A bit of good news for the nation’s housing market: pending home sales notched an unexpected increase in April, reaching their highest level since October, according to the National Association of Realtors. The index hit 88.2, up from a March level of 83.0, the lowest recorded since the index began in 2001. April’s numbers were still 13 percent below April 2007’s level of 101.5. And inventory is still at record highs and growing, particularly out West, where the bulk of deals were foreclosures and short sales (when a house is sold for less than the amount owed on the mortgage).