So have you seen all the for sale signs around town, got one in front of my house. Not many sold sign on those for sale signs, are there? Maybe the reason there are not many sold signs going up is because existing home sales dropped to their lowest levels in February. The Associated Press reported the National Association of Realtors says pending U.S. home sales fell to the lowest reading on record in February, signaling the housing market distress is not yet over.
The Chicago-based group's seasonally adjusted index of pending sales for existing homes fell to 84.6, which was 21% below year-ago levels.
Wall Street economists surveyed by Thomson/IFR had predicted the index would inch higher.
An index reading of 100 is equal to the average level of sales activity in 2001, when the index started.
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