Pending sales slide in September

September's pending sales of U.S. resale homes fell 4.6 percent from August as credit tightened and economic conditions worsened, the National Association of Realtors reported today.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in September, declined to 89.2 in September from an upwardly revised reading of 93.5 in August, but is 1.6 percent higher than September 2007 when it stood at 87.8.

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