Pending Home Sales Fall in October

Washington, DC, Dec. 9, 2008--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 0.7% in October from the prior month, the National Association of Realtors reported Tuesday.

The index was down 1% from the prior year. Pending home sales in October were mixed regionally, with declines of 8.7% in the West, and 4.3% in the Midwest.

Meanwhile, there were gains of 7.8% in the South, and 0.6% in the Northeast. The September pending home sales index was revised to a decline of 4.3% from a prior estimate of a 4.6% drop