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Strategies & Market Trends : The Residential Real Estate Crash Index
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From: DebtBomb1/6/2009 10:04:10 AM
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Pending home sales index down 4% in November

By Ruth Mantell
Last update: 10:00 a.m. EST Jan. 6, 2009
WASHINGTON (MarketWatch) -- In a sign that further weakening may be in store for the U.S. housing market, an index of sales contracts on previously owned U.S. homes fell 4% in November from the prior month, the National Association of Realtors reported Tuesday. The index, which is considered a leading indicator of existing home sales, was down 5.3% from the prior year. Pending home sales in November fell in all four regions, with declines of 7.2% in the Northeast, 6.7% in the Midwest, 2.4% in the West and 2.2% in the South. The October pending home sales index was revised to a decline of 4.2% from a prior estimate of a 0.7% drop. NAR is calling for a real-estate focused stimulus plan from the government. marketwatch.com
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