Job losses and an eroding economy contributed to a decline in pending home sales, with the Pending Home Sales Index falling 4 percent to 82.3 from 85.7 in October, according to a recent NAR report. A forward-looking indicator based on contracts signed in November, the current index is 5.3 percent below November 2007 when it stood at 86.9. The November index is the lowest since the inception of the series in 2001. The impact of mortgage interest rates declining to near 50-year lows in December is not reflected in current data.

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From Wednesday, January 07, 2009 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®