Banks--- Betting on the recovery Message Board

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Non-Tech : Banks--- Betting on the recovery

WFC 85.85

+0.3%

Nov 28 9:30 AM EST

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From: tejek	3/3/2009 10:07:39 AM
	of 1428

Pending home sales fell 7.7 pct to new low in Jan. this minute (AP:WASHINGTON) The National Association of Realtors says pending U.S. home sales sank to a new record low in January as economic woes turned buyers away from the staggering housing market. The trade group said Tuesday its seasonally adjusted index of pending sales for previously owned homes for January fell 7.7 percent to 80.4 from a downwardly revised December reading of 87.1. The previous low of 82.5 was set in November. January's reading was far worse than the 85.1 economists expected, according to Thomson Reuters. The index, which started in 2001, tracks signed contracts to purchase existing homes. Typically there is a one- to two-month lag between a contract and a done deal.

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