AP
Pending Home Sales Hit New Record Low
Tuesday April 8, 10:21 am ET
By Alan Zibel, AP Business Writer

Pending Sales of Existing Homes in US Fall to New Low

WASHINGTON (AP) -- The National Association of Realtors says pending U.S. home sales fell to the lowest reading on record in February, signaling the housing market distress is not yet over.

The Chicago-based group's seasonally adjusted index of pending sales for existing homes fell to 84.6, which was 21 percent below year-ago levels.

Wall Street economists surveyed by Thomson/IFR had predicted the index would inch higher.

An index reading of 100 is equal to the average level of sales activity in 2001, when the index started.