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January 7, 2009

Pending home sales hit record low in Nov.

By ALAN ZIBEL
AP Real Estate Writer

WASHINGTON — Pending U.S. home sales fell to the lowest level on record in November, as the plummeting stock market and faltering economy gave more buyers cold feet, the National Association of Realtors said Tuesday.

The index, which tracks signed contracts to purchase existing homes, fell 4 percent to 82.3 from a downwardly revised October reading of 85.7 in October. That was far worse than the reading of 88 that economists expected, according to Thomson Reuters.


 
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