Home Sale Decline Continues Amid Bleak Economic Forecast

"Pending home sales continued to decline in November but show signs of stabilization, according to data released Tuesday by the National Association of Realtors. An index of sales contracts on existing U.S. homes fell 4 percent in November from the previous month and 5.3 percent from the prior year. The index seen in October, originally reported at a 0.7 decline to 88.9, was revised to a 85.7, indicating a much steeper decline than estimated at the time. Indices fell across the nation with pending home sale declines of 7.2 percent in the Northeast region, 6.7 percent in the Midwest, 2.4 percent in the West and 2.2 percent in the South."