Pending home sales fall 4.7 percent
Figure lower than expected as market troubles continue
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updated 10:15 a.m. ET July 8, 2008
WASHINGTON - The National Association of Realtors says pending U.S. home sales dipped in May as the housing market continues to struggle.
The group's seasonally adjusted index of pending sales for existing homes fell 4.7 percent to 84.7 from an upwardly revised April reading of 88.9. The index was 14 percent below year-ago levels.
Wall Street economists surveyed by Thomson/IFR had predicted the index would come in at 87. The index, which sunk to a record low of 83 in March, stood at 98.5 in May 2007.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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