By Chris Isidore, CNNMoney.com senior writer
December 10 2007: 3:34 PM EST
NEW YORK (CNNMoney.com) — More trouble looms for the nation’s battered housing market next year, even as the pace of home sales inched up in October from the depths of this summer’s mortgage meltdown, according to data released Monday by an industry trade group.
The National Association of Realtors reported that its Pending Home Sale Index, which charts the pace of sales contracts ahead of their closing, rose to 87.2 in October from a revised reading of 86.7 in September.
Overall, the pending home sales index is down more than 18 percent from a year ago, and remains below the reading of September 2001 when the terrorist attacks shook buyer confidence.
Looking ahead, the Realtors predicted that home sales are likely to decline – for the third consecutive year – in 2008.
“Things aren’t getting much worse, but they’re not getting much better either,” said Mike Larson, a real estate analyst for independent research firm Weiss Research. “And keep in mind that unlike in the past, more of these pending sales won’t actually close as buyers have trouble finalizing financing. I think it’s going to be a muddle-through market for a while here.”
See the full article here:
http://money.cnn.com/2007/12/10/news/economy/realtors_phs_forecast/?postversion=2007121015
