Credit, Economy and Financial News from TruckingFactor.com

Pending Home Sales Weak in January

The National Association of Realtors said the number of homebuyers who agreed to purchase an existing home sank to a new low in January, another indication that the housing slump shows no sign of letting up. The group's seasonally adjusted index of pending sales contracts dropped 7.7% to 80.4 in January from a downwardly revised December reading of 87.1. It also came in below the previous record low of 83.1 in November. The index tracks signed contracts to buy previously owned homes. Since there is usually a one-to-two-month lag between a contract and a completed deal, the index serves as a barometer for future home sales. Pending sales were down in every region but the West, where rising foreclosures have forced prices down, which has lured buyers.

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Date Last Updated: 03/04/2009