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After holding fairly stable for a year, pending home sales declined in the face of job losses and an eroding economy. NAR's forward-looking Pending Home Sales Index for November fell 4 percent to 82.3 from a downwardly revised reading of 85.7 in October, and is 5.3 percent below November 2007 when it was 86.9. The November level is the lowest since the series began in 2001. "Mounting job losses and very weak consumer confidence deterred home buyers from signing contracts," says NAR Chief Economist Lawrence Yun. "December's housing market activity could be comparably lower due to problems in the economy, so a real estate-focused stimulus plan is urgently needed."
