| Updated:
US house sales recover from low
Pending sales of existing US homes rebounded from a seven-month low in May but demand for mortgages sank last week as the market struggled under the weight of a glut of unsold properties. The National Association of Realtors home sales index increased 8.2 per cent to 88.8, but rise in contracts was merely a correction after an 11.3 per cent fall in April and the market will continue to bounce along the bottom, economists said.