Pending Home Sales Fall More Than Expected

Washington, DC, July 8, 2008--The National Association of Realtors said pending U.S. home sales declined in May as the housing market continues to struggle.

The group's seasonally adjusted index of pending sales for existing homes fell 4.7 percent to 84.7 from an April reading of 88.9. The index was 14 percent below year-ago levels.

Wall Street economists had predicted the index would come in at 87.