Pending Home Sales Fall in December

Washington, DC, February 7, 2008—Pending U.S. home sales fell 1.5 percent in December to the second-lowest reading on record, according to the National Association of Realtors.

The trade group said its index of pending sales for existing homes fell to a reading of 85, just short of the record low of 85.5 it hit in August, at the height of the credit squeeze.

The Realtors group lowered its annual forecast and now says sales will fall to 5.4 million, down from 5.7 million in last year.