by Calculated Risk on 10/02/2007 11:08:00 AM

From the NAR: Mortgage Problems Continue to Hamper Pending Home Sales

The Pending Home Sales Index*, a forward-looking indicator, fell 6.5 percent to a reading of 85.5 from an upwardly revised 91.4 in July, based on contracts signed in August. It was 21.5 percent below the August 2006 index of 108.9.

This follows the 12% decline in the index for July.